Global Food Prices Hit Highest Since 2023 as Belarus Inflation Slows

The Belarusian consumer price index fell to 3.4% in July, down from 4.4% the month before, according to ELSTAT. The slowdown was driven by modest price changes for most food items, with notable declines in olive oil (‑21.7%), fruits (‑9.4%) and vegetables (‑1.5%). Some categories still rose, such as beef (+14.3%) and transport by air (+17.5%).

At the same time, the UN Food and Agriculture Organization reported that the global food price index rose to 131.1 in July, a 0.6% increase from June and the highest level since January 2023. Prices for sugar jumped 5.6%, cereals rose 3.4% (wheat up 5.8%), and plant oils increased 2% due to higher palm‑oil and soy‑oil costs. Meat prices recorded their first monthly decline in 2026, falling 2.8%, while dairy products slipped 0.7%. The rise is linked to heat‑wave damage in the EU, El Niño impacts on Asian harvests, and export disruptions through the Black Sea.