September 8, 2016

Global Food Prices Rise to 15-Month High as EU Cuts Milk Output

 |  By: Bloomberg News

Global food prices climbed to highest in more than a year as costs rose for all commodities except cereals.

The Food & Agriculture Organization food-price index advanced 1.9 percent in August, resuming gains after a drop in July that was the first since January, according to data published Thursday on the website of the United Nations body. The gauge of 73 prices was up 6.9 percent from a year earlier.

Costs for dairy, vegetable oils and sugar led gains. Falling European Union milk production cut the potential for global exports more than expected, with the dairy-price index up 8.6 percent from July, the FAO said.