Türkiye faces 68% surge in food prices amid global decline

Global food prices declined by 2.1% annually, contrasting sharply with Türkiye’s 68.2% surge.

In June, a drop in grain prices offset increases in vegetable oils, sugar and dairy, resulting in no change in global food prices.

The Food and Agriculture Organization (FAO) reported that the world food price index held steady at 120.6, unchanged from the revised May figure of 120.6 (initially reported as 120.4).

Year-over-year, the June global food price index is down 2.5%, significantly lower than the peak recorded in March 2022 during Russia’s invasion of Ukraine, which was 24.8% higher.

In June, grain prices fell by 3%, contributing to the index’s stability, while the Vegetable Oil Price Index rose by 3.1% due to increased global demand for palm oil and robust demand for soybean and sunflower oils in the Americas.

The sugar price index increased by 1.9% amid concerns over adverse weather affecting production in Brazil and India.

In contrast, the FAO Dairy Price Index rose by 1.2% in June, driven by strong retail sales, seasonal declines in milk deliveries in Western Europe, and low stocks in Oceania, pushing butter prices to a 24-month high.

The meat price index remained unchanged in June, as higher pork, beef and lamb prices offset minor declines in poultry prices.