A report released by the World Bank in late August showed that global food prices rose by 10% in July. The price hike has been largely due to the massive heatwaves and droughts that have swept across the United States and eastern Europe over the past few months, causing havoc for farmers, destroying crops across the continents.
The Food Price Watch report is released by the World Bank each month and tracks global food prices for several staple items. The July report found that maize and wheat prices rose 25% and soybeans by 17%. Only rice saw a drop in prices, by 4%.