Among the five main food commodity groups, prices increased only for cereals.
In October, world food prices fell slightly for the seventh consecutive month – by 0.4%. On Friday, November 4, the FAO (Food and Agriculture Organization of the United Nations) report.
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In particular, the FAO food price index last month reached 135.9 points (136.3 points in September). Compared to the peak value in March this year, the index decreased by 14.9%, but it remained 2% higher than the corresponding period last year.
The FAO Food Price Index is an average indicator that tracks global price movements for five major food commodity groups.
So, world grain price index in October was 1% higher than in September, and 11.1% higher than in October last year. Compared to the previous month, there was an increase in world prices for all major types of grain. In particular, wheat rose 3.2% “mainly due to continued uncertainty around the Black Sea Grain Initiative,” the report said. Feed grain prices increased by 4.3%.
Vegetable oil price index in October was 1.6% lower than the previous month and almost 20% lower in annual terms. The continued fall in this index is due to the decrease in world prices for palm, soybean and rapeseed oils, which more than offset the growth of sunflower oil quotations, experts explained in FAO.
Dairy Price Index in October compared to September was 1.7% lower. Its decline continues for the fourth consecutive month. But in annual terms, prices were 15.4% higher. The drop in October was driven by lower-than-expected purchases from China and sluggish demand in spot contracts as most importing countries fully met their current needs, the report explained.
Meat price index in October compared to the previous month decreased by 1.4%. This dynamics was observed for the fourth month in a row, and it is typical for world prices for all types of meat. However, compared to October last year, the index was higher by 6.4%. World lamb prices fell the most in October due to exchange rate dynamics and a seasonal increase in supply from Pacific Ocean countries amid limited import purchases. World pork prices also fell significantly as a result of reduced global import purchases, combined with sluggish domestic demand in some of the leading producing countries, the report explained.
Sugar price index in October was 0.6% lower than the September figure, but 8.5% higher than the corresponding month last year. The decline in world sugar prices in October was supported by both a favorable global supply forecast for the current season and an expected increase in production in India.
It will be recalled that in March 2022, the main indicator of world food prices increased by 12.6% and reached a historical maximum. The FAO Food Price Index stood at 159.3, up 33.6% from March 2021.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.