Global Food prices have risen for the month of July, the third consecutive month.
These latest increases represent a 2.3% increase from Junes prices, and a 10.2% increase from the same period last year, as reported by farminguk.com. The figures were published in the recent FAO Food Price Index, and it is thought they were driven mainly by the better performances in sugar, cereal and dairy markets.
Rising butter prices have also contributed to the latest rises, and as have the rising value of wheat. This is due to the recent drought affecting three of the top wheat producers in North America. Sugar saw rises of up to 5.2% in July, which represents the first increase of 2017. Though sugar remains 26% below 2016 levels.
Dairy has seen rises of up to 3.6%, helped by increased butter and cheese prices as well as increased WMP prices. Meanwhile in the meat markets, prices have begun to decrease slightly. Decreases have been seen in poultry, pig and cattle prices.
The major food commodity groups all averaged 179.1 points for the month of July, according to these latest publishings of the Food Price Index.