Global food prices rose in October across a broad spectrum of products, primarily driven by increases in vegetable oils, according to a monthly report released by the Food and Agriculture Organization (FAO) on Friday.
The FAO’s price index, which monitors fluctuations in international prices of a basket of staple commodities, increased by 2% from the previous month, reaching levels not seen since April 2023.
In comparison to the same month last year, prices were up 5.5%, although they remained 20.5% below their peak in March 2022.
Notably, the vegetable oil index surged by 7.3% from September to October, marking its highest level in two years.
The dairy index also saw a 2.5% increase in October compared to September, with an overall rise of 21.4% year-on-year, driven by strong demand for cheese and butter amid reduced seasonal milk production in Europe.
Sugar prices climbed by 2.6%, influenced by expectations of decreased production in Brazil due to drought conditions.
In the grains sector, there was a modest month-on-month increase of 0.8%, although prices still fell by 8.3% compared to October 2023.
Wheat prices have risen for the second consecutive month, reflecting challenging climatic conditions affecting crop yields.
Corn followed a similar upward trend, supported by robust demand. Conversely, rice prices declined, with the FAO index indicating a decrease of 5.6% in October.
