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UN: World Food Prices Ease Slightly in July

FILE PHOTO: A person shops at a Whole Foods grocery store in the Manhattan borough of New York City, New York, US, March 10, 2022. REUTERS/Carlo Allegri/File Photo
FILE PHOTO: A person shops at a Whole Foods grocery store in the Manhattan borough of New York City, New York, US, March 10, 2022. REUTERS/Carlo Allegri/File Photo
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UN: World Food Prices Ease Slightly in July

FILE PHOTO: A person shops at a Whole Foods grocery store in the Manhattan borough of New York City, New York, US, March 10, 2022. REUTERS/Carlo Allegri/File Photo
FILE PHOTO: A person shops at a Whole Foods grocery store in the Manhattan borough of New York City, New York, US, March 10, 2022. REUTERS/Carlo Allegri/File Photo

The United Nations world food price index eased slightly in July according to data released on Friday, with a decline in the index for cereals partially offset by increases for meat, vegetable oils and sugar.
The UN Food and Agriculture Organization's price index, which tracks the most globally traded food commodities, averaged 120.8 points in July, down from 121.0 in June. The June reading was revised after initially being given as 120.6, Reuters said.
Prior to July, the FAO index had risen for four consecutive months after hitting a three-year low in February as food prices receded from a record peak set in March 2022, following Russia's invasion of fellow crop export major Ukraine.
The July value was 3.1% down on its level one year ago and 24.7% below its 2022 high point.

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Egypt Seeks Up to 60 LNG Shipments

A general view of the Nile River from the Egyptian capital, Cairo (Reuters).
A general view of the Nile River from the Egyptian capital, Cairo (Reuters).
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Egypt Seeks Up to 60 LNG Shipments

A general view of the Nile River from the Egyptian capital, Cairo (Reuters).
A general view of the Nile River from the Egyptian capital, Cairo (Reuters).

Egypt is in advanced talks with global energy and trading firms to secure between 40 and 60 shipments of liquefied natural gas (LNG), aiming to meet urgent energy needs before summer demand peaks, according to sources familiar with the matter cited by Reuters.
Cairo is negotiating with companies including Saudi Aramco, Trafigura, and Vitol for LNG supply deals extending through 2028, signaling a strategic shift from exporter to long-term importer amid declining domestic production, Asharq Bloomberg reported.
Sources say the Egyptian Natural Gas Holding Company (EGAS) has received 14 bids for supply contracts ranging from 18 months to three years. The rising demand this year could push Egypt’s monthly LNG import bill to nearly $3 billion starting in July, up from approximately $2 billion last year.
This move reflects Egypt’s effort to lock in long-term contracts to reduce exposure to volatile spot market prices. It also underscores the country’s deepening energy challenges: a sharp drop in gas production, increasing population, and soaring summer temperatures are straining domestic supply and forcing reliance on global markets.
Contract awards are expected next week. Plans call for 110 LNG shipments in the second half of 2025, 254 in 2026, and 130 in the first half of 2027.
One source said bids price LNG at 80 to 95 cents per million British thermal units (MMBtu) above the European benchmark, with payment deferrals of up to 180 days. European gas futures currently trade at about $12 per MMBtu, though LNG cargoes typically sell at a discount.
Egypt is also expanding infrastructure, including the addition of floating storage and regasification units, and is negotiating long-term supply deals with Qatar.
A recent Goldman Sachs report estimated Egypt’s 2024 energy deficit at over $11.3 billion, doubling the current account shortfall to 6.2% of GDP, compared to 3.2% the previous year.
President Abdel Fattah al-Sisi has directed the government to preempt power outages this summer, according to a presidential statement this week.
A government source told Reuters Egypt is also considering importing at least 1 million tons of fuel oil, though LNG remains the preferred option due to its more flexible financing.
With gas output in February hitting its lowest level in nine years, Egypt imported 1.84 million tons of LNG in early 2025—roughly 75% of total 2024 imports, according to S&P Global Commodity Insights.