The United Nations Food and Agriculture Organization (FAO) announced that global food prices rose in April to their highest level since February 2023, driven by a surge in vegetable oil prices linked to the Iran-related conflict and the effective closure of the Strait of Hormuz.

The price index averaged 130.7 points, up 1.6 percent compared to March.

The organization explained that rising energy costs boosted demand for biofuels, while grain prices remained relatively stable due to abundant supplies, despite weather concerns and rising fertilizer costs worldwide.