Global food prices record 3rd consecutive monthly decline in October

11/5/2023 3:13:48 AM

(MENAFN) According to the UN Food and Agriculture Organization (FAO), global food prices registered their third consecutive monthly decline in October, albeit at a slower rate.

The FAO Food Price Index, which averaged 120.3 points in October, showed a 0.5 percent decrease compared to the previous month.

This minor dip in October can be attributed to reduced price indices for sugar, cereals, vegetable oils, and meat. However, there was a rebound in the index for dairy products.

The FAO food price index is a weighted index that monitors international market prices for five major food commodity groups. The cereal price index declined by 1 percent from the previous month, primarily due to lower prices for rice and wheat.

The vegetable oil price index witnessed a third consecutive monthly drop, declining by 0.7 percent month-on-month. The report mentioned, "The marginal fall in the price index chiefly reflected lower world palm oil prices, more than offsetting higher prices of soy, sunflower and rapeseed oils."

The meat price index saw a 0.6 percent decrease, marking the fourth consecutive monthly decline, with sluggish import demand causing a drop in international prices for pig meat.

The decline in the sugar price index, which dropped by 2.2 percent compared to the previous month, was primarily driven by the robust production pace in Brazil.

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