World food prices hit nearly four-year high as logistics disruptions and El Nino persist

The United Nations' Food and Agriculture Organization reported that world food prices reached a nearly four-year high in September, averaging 136.0 points on the FAO Food Price Index. Logistics disruptions in the Strait of Hormuz and Black Sea, plus El Nino weather concerns, pushed sugar to an 18-month high and wheat to a three-year peak. Maximo Torero warned these pressures may soon impact consumer prices.