Posted on August 7, 2023

World prices for food commodities like rice and vegetable oil have risen for the first time in months, after Russia pulled out of a wartime agreement allowing Ukraine to export grain to the world, and India restricted some of its rice exports.

The FAO Food Price Index increased 1.3% in July over June, driven by higher costs for rice and vegetable oil. It was the first uptick since April, when higher sugar prices bumped up the index slightly for the first time in a year.

Russia and Ukrain are leading exporters of wheat, barley, sunflower oil and other food products, especially to nations in parts of Africa, the Middle East and Asia where millions are struggling with hunger.

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