Global food prices have risen for a second consecutive month, reaching their highest level since December, according to new data from the United Nations food agency.

Disruptions to shipping through the Strait of Hormuz could have far-reaching consequences beyond energy markets, with Goldman Sachs warning of significant risks to global agricultural prices.

United Kingdom’s inflation rate fell to 3% in January, down from 3.4% in December, according to the Office for National Statistics (ONS). The decline was driven by lower food, fuel and airfare prices.

Indonesia is set to implement a nationwide single rice price policy starting in 2026, aimed at reducing price disparities between regions, Coordinating Minister for Food Affairs Zulkifli Hasan said on Monday.

Food prices in the United Kingdom are increasing at their slowest pace in more than a year, as inflation remained unchanged for the third consecutive month.

Global food prices declined in May, with the UN Food and Agriculture Organization (FAO) reporting a 0.8% drop in its overall Food Price Index on Friday.

World food commodity prices decreased by 2.1% in 2024 compared to the previous year, according to the FAO, but they remain significantly higher than before the Covid-19 pandemic.

Global food prices surged to an 18-month high in October, rising 2% from September, according to the UN's Food and Agriculture Organization (FAO).