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UN index says weather is affecting wheat yields while conflicts in Ukraine and Iran hit exports and drive up pricesBusiness live – latest updatesGlobal food prices have hit their highest level in three and a half years, as summer heatwaves and conflict in Ukraine and the Middle East push up crop costs.The UN Food and Agriculture Organization (FAO) index of food commodity prices rose last month to its highest level since January 2023, after a jump in prices for cereals, sugar and vegeta

Property prices in ‘suspended animation’ owing to higher mortgage rates and uncertainty in Middle EastBusiness live – latest updatesUK house prices were broadly stagnant in July as prospective buyers were squeezed by higher mortgage rates, uncertainty around the Middle East and stretched affordability, according to the lender Lloyds.The average property cost £299,253 in July, down by £143 compared with June, the bank’s monthly index found. Continue reading...

Watchdog says about 1,700 people were affected during a price surge triggered by the Middle East crisisHeating oil customers whose deliveries were cancelled when the war in the Middle East caused a price surge are to receive compensation of up to £350 each following an investigation by the UK competition watchdog.As the crisis unfolded, the Competition and Markets Authority (CMA) said it was investigating heating oil suppliers after complaints that existing orders were being scrapped,

Brent crude rises over $85 a barrel after US carries out third night of strikes against IranGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Oil prices rose more than 2% after the conflict in the Middle East worsened, with the US carrying out a third consecutive night of strikes against Iran. Two tankers came under fire in the strait of Hormuz.Stasis has taken over markets as investors wait for the latest twist in the Iran confl