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UN Agency Reports Dropping in Global Food Prices
(MENAFN) The UN Food and Agriculture Organization (FAO) announced on Friday that worldwide food prices decreased by 1.6% in October, primarily due to plentiful global supplies.
The organization’s "Food Price Index," which monitors monthly variations in international prices of selected globally traded food commodities, declined to 126.4 points in October.
This marked the index's second straight month of reduction, following September’s fall, which was partly linked to lower sugar prices.
The "Cereal Price Index" dropped 1.9% month-on-month as prices of grains like wheat and rice fell. Wheat costs decreased by 1%, while rice values went down by 2.5%.
The "Sugar Price Index" slid 5.3% in October, reaching its lowest point since December 2020. This decline was driven by robust production in Brazil, anticipated output increases in Thailand and India, and falling crude oil prices.
The "Dairy Price Index" declined 3.4% compared to the previous month, influenced by reduced prices for milk powder and butter, as exports from the EU and New Zealand grew.
The "Meat Price Index" also decreased by 2% in October after rising for eight months. Nonetheless, beef prices continued to climb, supported by strong international demand and higher pricing from Australia.
In contrast, the "Vegetable Oil Price Index" rose 0.9% in October, reaching its highest level since July 2022, due to harvest setbacks in the Black Sea area.
The organization’s "Food Price Index," which monitors monthly variations in international prices of selected globally traded food commodities, declined to 126.4 points in October.
This marked the index's second straight month of reduction, following September’s fall, which was partly linked to lower sugar prices.
The "Cereal Price Index" dropped 1.9% month-on-month as prices of grains like wheat and rice fell. Wheat costs decreased by 1%, while rice values went down by 2.5%.
The "Sugar Price Index" slid 5.3% in October, reaching its lowest point since December 2020. This decline was driven by robust production in Brazil, anticipated output increases in Thailand and India, and falling crude oil prices.
The "Dairy Price Index" declined 3.4% compared to the previous month, influenced by reduced prices for milk powder and butter, as exports from the EU and New Zealand grew.
The "Meat Price Index" also decreased by 2% in October after rising for eight months. Nonetheless, beef prices continued to climb, supported by strong international demand and higher pricing from Australia.
In contrast, the "Vegetable Oil Price Index" rose 0.9% in October, reaching its highest level since July 2022, due to harvest setbacks in the Black Sea area.
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