In October, global food prices showed a slower decline, according to the United Nations Food and Agriculture Organization (FAO).
The FAO’s Food Price Index, which measures the prices of major food commodities on the international market, averaged 120.3 points during the month, marking a 0.5 percent drop compared to the previous month.
This minor decrease in October can be attributed to decreased price indices for various commodities, including sugar, cereals, vegetable oils, and meat. However, dairy products saw a resurgence in prices.
The cereal price index fell by 1 percent due to lower prices for rice and wheat. Meanwhile, the vegetable oil price index experienced its third consecutive monthly decline, dropping by 0.7 percent. This decline was primarily driven by reduced prices of palm oil, which outweighed the higher prices of soy, sunflower, and rapeseed oils.
The meat price index also dipped by 0.6 percent, marking the fourth consecutive monthly decrease. Weak import demand contributed to a drop in international pig meat prices.
Conversely, the sugar price index saw a significant 2.2 percent decline from the previous month, largely due to increased production in Brazil.
On a positive note, the dairy products index rose by 2.2 percent in October, ending a nine-month decline. Surges in import demand were responsible for an increase in world milk powder prices. Source: Anadulo News
(ai/mnm)