FAO chief economist warns world is nearing a new wave of food price increases

Maximo Torero, chief economist of the UN Food and Agriculture Organization, told Reuters in an interview published by Boursenews on Thursday, August 6, 2026 (15 Mordad 1405), that the world is approaching a new wave of food price increases. He said a combination of higher oil prices, reduced fertilizer supply from the Persian Gulf region, diesel shortages in parts of the world, and unfavorable weather is raising agricultural production costs, with the impact typically reaching final food prices after a three to six month lag. Torero said he expects agricultural commodity prices to rise through the end of this calendar year and increase further next year. Australia, a top global agricultural exporter, has already said its winter crop output will fall 21 percent. Torero also pointed to the El Nino weather pattern, expected to be strong this year, which could push tens of millions of people into acute food insecurity.