Global food prices rise after Russia ends grain deal and India restricts rice exports

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Global prices for food commodities like rice and vegetable oil have risen for the first time in months after Russia ended a deal allowing Ukraine ship grain and India restricted some rice exports

LONDON — Global prices for food commodities like rice and vegetable oil have risen for the first time in months after Russia pulled out of a wartime agreement allowing Ukraine to ship grain to the world, and India restricted some of its rice exports, the U.N. Food and Agriculture Organization said Friday.

The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, increased 1.3% in July over June, driven by higher costs for rice and vegetable oil. It was the first uptick since April, when higher sugar prices bumped up the index slightly for the first time in a year.

Commodity prices have been falling since hitting record highs last year in the wake of Russia’s invasion of Ukraine. Disrupted supplies from the two countries exacerbated a global food crisis because they're leading suppliers of wheat, barley, sunflower oil and other affordable food products, especially to nations in parts of Africa, the Middle East and Asia where millions are struggling with hunger.

The world is still rebounding from those price shocks, which have increased inflation, poverty and food insecurity in developing nations that rely on imports.

Now, there are new risks after Russia in mid-July exited a deal brokered by the U.N. and Turkey that provided protections for ships carrying Ukraine's agricultural products through the Black Sea. Along with Russian attacks on Ukrainian ports and grain infrastructure, wheat and corn prices have been zigzagging on global markets.

International wheat prices