The FAO Food Price Index rose 0.6% in July to 131.1 points, its highest level since January 2023, as geopolitical supply disruptions and hot, dry weather pushed up key agricultural commodities. The U.N. Food and Agriculture Organization said its Cereal Price Index climbed 3.4% from June and 6.9% from a year earlier to 113.8 points, with wheat prices up 5.8% on the month and 9.9% annually amid disruptions to Black Sea exports and damage to export infrastructure. The Vegetable Oil Price Index increased 3.7% to 195.7 points, its highest since June 2022, while meat and dairy prices declined. Despite the increase, global food prices remained 18.2% below the record high reached in March 2022.