FAO: Drought, war push up food prices in August

(Central News Agency, Paris, 4th, comprehensive foreign news report) Data released by the Food and Agriculture Organization of the United Nations today show that drought and conflict have affected the commodity market. Food inflation intensified in August, and sugar prices climbed to a new high in more than a year.

Agence France-Presse reported that the food price index compiled by the Food and Agriculture Organization of the United Nations (FAO) increased by 1.9% monthly in August and 2.5% annually.

The increase in August this year was larger than that in July, with a monthly increase of 0.6% and an annual increase of 1%.

Europe was hit by unusually high temperatures this summer, causing crop yields to decline, while the El Nino phenomenon also threatened crop yields in Asia.

As a result, sugar prices soared 11.9%, hitting a new high since June last year.

The Food and Agriculture Organization of the United Nations pointed out that wheat prices increased by 15% compared with the same period last year, partly due to the "continued obstruction of Black Sea export logistics" caused by Russia's invasion of Ukraine.

In addition, concerns about the supply of agricultural inputs after the Strait of Hormuz was blocked further supported corn prices, causing them to rise 2.5%.

The blockade of the Strait of Hormuz due to the war in the Middle East not only pushed up fuel prices, but also cut off one of the main sources of fertilizer supply, exacerbating market concerns about supply problems and long-term price increases. (Compiled by: Hong Peiying) 1150904