Food Prices Come Roaring Back In August, Sugar, Oils, And Cereals Soar As The World's Crops Wither

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In a new report via the Rome-based Food and Agriculture Organization (FAO), global food prices are on the rise, once again, and back to near-decade highs.
FAO released a statement Thursday that detailed after two consecutive months of declines, world food prices in August jumped due to solid gains in sugar, vegetable oils, and cereals.
FAO's food price index, which follows international prices of globally traded food commodities, averaged 127.4 points in August, up 3.9 points (3.1%) from July and 31.5 points (32.9%) from the same period last year.
In August, the most significant driver of food prices was FAO Sugar Price Index, which jumped 9.6% from July due to frost damage to crops in Brazil, the world's largest sugar exporter. Readers may recall in "Frost Bites Brazilian Sugar Crop As Prices Zoom Higher," we noted multiple weather disasters in Brazil severely damaged the sugar crop.
The second-largest jump in the basket was the FAO Vegetable Oil Price Index, which rose 6.7% last month, as international palm oil prices soared to historic highs because of below-potential production.
The FAO Cereal Price Index increased 3.4% higher in August versus July