September 11, 2023
3 min

Global food prices rise after Russia ends grain deal and India ... - Daily Inter Lake

Global food commodity prices have risen for the first time in months due to Russia pulling out of an agreement allowing Ukraine to ship grain and India restricting rice exports. The FAO Food Price Index increased 1.3% in July, driven by higher costs for rice and vegetable oil. Prices have been falling since record highs last year, causing inflation and food insecurity in developing nations. The situation is further worsened by Russia's attacks on Ukrainian ports and grain infrastructure and India's trade ban on certain rice varieties, which has led to a 19.7% increase in rice prices this year.

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Adhikansh Gupta
Content Manager

Writer and editor who covers the latest trends and innovations in the software-as-a-service (SaaS) industry