FAO: Global food prices slightly rise, with expectations of increased grain production.

The Food and Agriculture Organization of the United Nations released data on July 4th showing that global food prices slightly increased in June. The FAO Food Price Index averaged 128.0 points in June, up 0.5% from May. This price increase was mainly driven by meat, dairy, and vegetable oil prices. In another report, the FAO predicts that global cereal production will reach 2.925 billion tons by 2025, a 0.5% increase from the previous estimate of 2.911 billion tons. This indicates that the global food market is showing moderate growth in both prices and production.