World Food Prices Highest Since 2023

The FAO Food Price Index increased 1.6% to 130.1 points in July 2025, the highest level since February 2023, as increases in prices for meat and vegetable oils offset declined in cost for cereals, dairy and sugar. Overall, the food price index was 7.6% higher than in July 2024, yet remained 18.8% below its peak reached in March 2022. Meat prices increased 1.2% to reach a new record high, primarily driven by higher bovine and ovine meat prices, along a slight increase in poultry meat quotations. Also, prices for vegetable oils jumped 7.1% to a three-year high amid higher quotations for palm, soy and sunflower oils, which more than offset the decline in rapeseed oil. On the other hand, cost for cereals dropped 0.8% to 2020-lows amid lower quotations for sorghum and wheat. Sugar prices were down 0.2%, a fifth consecutive monthly fall and dairy cost edged down 0.1%, the first decline since April 2024, driven by lower international prices for butter and milk powders.