Global Food Prices Decline in October, FAO Reports
The FAO's latest update reveals a third consecutive monthly drop in global food prices for October, with reduced indices in key categories such as sugar, cereals, and meat.
Table of Contents (Show / Hide)
In the latest update from the United Nations Food and Agriculture Organization (FAO), it was revealed on Friday that global food prices experienced a third consecutive monthly decline in October, albeit at a reduced rate.
The FAO Food Price Index, which provides a comprehensive overview of food price trends, registered an average of 120.3 points for October, indicating a 0.5% decrease compared to the previous month.
This dip in October's food prices can be attributed to reduced price indices in several key categories, including sugar, cereals, vegetable oils, and meat. However, the dairy products category witnessed a notable upturn.
The FAO Food Price Index is a weighted index that monitors the international market prices of five major food commodity groups. The cereal price index recorded a 1% drop from the previous month, primarily due to decreased prices of rice and wheat.
Meanwhile, the vegetable oil price index experienced its third consecutive monthly decline, falling by 0.7% month-on-month. The report attributes this decline to the decreased world palm oil prices, which offset the increased prices of soy, sunflower, and rapeseed oils.
The meat price index also decreased by 0.6%, marking the fourth consecutive monthly drop. This decline was driven by sluggish import demand, which led to a reduction in international pig meat prices.
In contrast, the sugar price index decreased by 2.2% compared to the previous month, primarily due to robust production in Brazil.
On a positive note, the index for dairy products increased by 2.2% from September, marking a significant turnaround after nine months of decline. In October, heightened import demand drove a surge in world milk powder prices.
URL :
News ID : 2575
7 Trending AI Business Ideas for 2023
EU: Global food crisis caused by Russia, not sanctions
In a retaliatory move, Russia sanctions EU, US energy firms
Ukraine war pushed emerging European outlooks to 19-year low: Fitch
Biden says he will speak with Xi over tariffs on Chinese goods
Effective Ways to Eradicate CANDIDA & YEAST From Your Body
Global food prices see steepest decline in nearly 14 years
Which is better for us: "Real" meat or "fake" meat?
World food prices broadly steady in October
10 Reasons to Start business in Dubai
