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.
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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.
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