International food prices increased significantly in July, after falling for three months in a row, driven mainly by a surge in grain and sugar prices, data released by Food and Agriculture Organization showed Thursday.
The world food price index, which measures the monthly change in the international prices of a basket of food commodities, increased 6 percent on a monthly basis in July, reversing the decreases recorded in the previous three months.
The Index's sharp rebound was mostly driven by a 12 percent surge in sugar prices, ending a steady fall since March, and higher grain prices.
Maize prices surged about 23 percent during the month, boosted by a severe deterioration of crop prospects in the US following the drought. International wheat prices climbed 19 percent, while rice prices remained mostly unchanged.
Prices of meat dropped 1.7 percent during the month, marking the third consecutive fall. Dairy prices, meanwhile, remained broadly unchanged, after five straight months of decline, data showed.
by RTT Staff Writer
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