World prices for sugar, grains, vegetable oil and meat fell. At the same time, prices for dairy products are rising.
World food prices decreased by 0.5% in October 2023. Over the year, prices decreased by 10.9%. This was reported by the UN Food and Agriculture Organization FAO on Friday, November 3.
The FAO Food Price Index, which tracks monthly changes in international prices for a range of food products worldwide, stood at 120.6 points in October.
The FAO Cereal Price Index fell by 1.0% from the previous month. Wheat prices fell by 1.9% under the influence of significant supplies from the United States and strong competition among exporters.
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The FAO Vegetable Oil Price Index fell 0.7% from September as lower global palm oil prices due to seasonally increased production and lower global import demand more than offset higher prices for soybean, sunflower and rapeseed oil. Soybean oil prices rose due to strong demand from the biodiesel sector.
The FAO Sugar Price Index decreased by 2.2% but remained 46.6% higher than last year. October’s decline was largely driven by strong output in Brazil, although concerns about a tighter outlook on global supply next year limited the decline.
The FAO Meat Price Index fell 0.6% as sluggish import demand, particularly from East Asia, led to a fall in international pork prices, more than offsetting a slight increase in price of chicken, beef and lamb.
In contrast, the FAO Dairy Price Index rose 2.2% in October, ending a nine-month decline. Global milk powder prices rose the most on rising import demand for both short-term and long-term supplies, as well as some uncertainty about the impact of El Niño weather conditions on future milk production in Oceania.
Let us remind you that earlier the Ukrainian government reduced the list of socially significant products. Excluded from the list are: granulated sugar, domestically produced pasta and butter with a fat content of 72.5%.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.