The Rome-based Food and Agriculture Organization said in its monthly price
report that its overall food price
index climbed 6 percentage points in July, although it was well below the peak reached in February 2011. The FAO's index, considered a global benchmark used to track market volatility and price trends, measures the monthly price changes for a basket of food items including cereals, oils and fats, meat, dairy products and sugar.
Severe drought punishing the U.S.