The United Nations Food and Agriculture Organization’s global food-commodity index climbed in August to its highest level since 2022, with the index now gaining momentum to the upside. The upside reinforces warnings from several major Wall Street desks, which we have covered extensively, that global food shortages could materialize next year.
The United Nations Food and Agriculture Organization’s (FAO) Food Price Index, which tracks monthly changes in the international prices of a basket of globally traded food commodities, averaged 133.3 in August, up 1.9% from July, with every major category advancing. Sugar prices surged 11.9%, while wheat gained 2.6% and now stands 15% above year-ago levels.
