“An index of food commodity prices by the UN’s food and agriculture organisation increased by 2.4% in March, its second consecutive monthly rise.”

“UN projections indicate that global prices could average 15% to 20% higher in the first half of 2026 if the crisis persists.”

“The report says: “Price indices across all commodity groups – cereals, meat, dairy, vegetable oils and sugar – rose to varying degrees, reflecting not only underlying market fundamentals but also responses to higher energy prices linked to the conflict escalation in the near east.””

“Global wheat prices rose by 4.3% in March, it found, partly driven by deteriorating crop conditions and drought concerns in the US, as well as lower levels of planting in Australia owing to higher fertiliser costs.”

“This was partly offset by better crop conditions in Europe, according to the report, and strong export competition.”

“In the UK, the Food and Drink Federation, which represents 12,000 food and drink manufacturers, has predicted food prices will rise by at least 9% by the end of 2026, almost tripling a forecast of 3.2% that was made before the Middle East conflict.”