World food prices hit 18-month high in October: FAO
Nov 09, 2024
Paris [France], November 9: Global food prices rose in October to their highest level in 18 months, data from the UN Food and Agriculture Organisation (FAO) showed on Friday.
The data showed that vegetable oils led the increases in most basic food commodities.
The FAO Food Price Index (FFPI), which tracks monthly changes in international prices of a basket of food commodities, reached 127.4 points last month, a two-percent increase from September.
Price quotations for all commodities in the index, except meat, rose, with vegetable oils recording the largest increase at 7.3%.
The FAO added that ongoing concerns about Brazil's production outlook in 2024 and 2025 supported a more moderate increase in sugar prices in October when they rose 2.6%.
The FAO also noted a 0.8% increase in cereal prices as of September, saying wheat prices rose amid concerns about farming conditions in the northern hemisphere and after an unofficial minimum price for Russian exports, and maize prices increased.
Prices of dairy products rose by about 2 per cent, supported by increased demand for cheese and butter amid tight supplies, the FAO said.
Source: Emirates News Agency
