People are seen at the Pettah Market in Colombo, Sri Lanka, on Dec. 11, 2024. [Photo/Xinhua]

Global food prices climbed to their highest level in more than two years in July, driven mainly by rising international prices for vegetable oils and meat, the United Nations Food and Agriculture Organization (FAO) said Friday.

The FAO Food Price Index, a measure of the monthly change in international prices of a basket of food commodities, averaged 130.1 points in July, up 1.6% from June and 7.6% higher than a year earlier. This marked the highest reading since February 2023, though still 18.8% below the record peak of March 2022.

Vegetable oil prices surged 7.1% month-on-month, hitting a three-year high, as strong global demand pushed up prices for palm, soy and sunflower oils. Reduced export supplies from the Black Sea region added to the rise in sunflower oil prices, while rapeseed oil prices declined on abundant new crop supplies in Europe.

The FAO Meat Price Index also reached a new record high, rising 1.2% from June. Prices for bovine and ovine meat increased on tight supplies and firm demand, particularly from China and the United States. Poultry meat prices edged up slightly, while pig meat prices fell on ample global supply.

Other major sub-indices declined in July. The FAO Cereal Price Index dropped 0.8% as fresh harvests in the Northern Hemisphere weighed on wheat and sorghum prices despite weather concerns in parts of North America. The All Rice Price Index fell more sharply amid weak import demand.

Dairy prices edged down 0.1%, the first decline since April 2024, as butter and milk powder prices fell on abundant supplies. The Sugar Price Index slipped 0.2%, continuing a five-month downward trend on expectations of strong production in major producing countries.