Global food prices rise sharply in July: UN agency

Global food prices rose six percent in July after dropping for three months, largely because of a hike in the price of grains and sugar, the UN Food and Agricultural Organization said Thursday.

The FAO's Food Price Index, a monthly measure of changes in a basket of food commodities, was 12 points higher at 213 points but remains far off the record 238 points reached in February 2011, a statement said.

The FAO's grain price index was an average 260 points, up 38 points on June. The index is 14 points short of its all-time record of 274 points, reached in April 2008, the FAO said.

Drought in the United States has hit the corn crop hard with prices rising 23 percent in July.

Wheat prices also shot up 19 percent after the outlook for Russia's harvest was downgraded.

The rice index remains relatively unchanged, up one point month-on-month to 238 points.

Weather problems in Brazil, India and Australia have also pumped up sugar prices, the FAO said.

Source: http://news.yahoo.com/global-food-prices-rise-sharply-july-un-agency-093731624.html

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