El Nino would push global food prices even higher, warns World Bank

Global food prices that jumped in July may extend gains if an El Nino weather pattern develops or if importers begin hoarding supplies, the World Bank said.

The World Bank’s Food Price Index rose 10% in July, after falling in the two previous months, according to an Aug 30 report that weighs US dollar prices of several commodities.

Wheat and corn costs were up 25% each, while sugar rose 12% and soybean oil climbed 5%.