Global food prices down slightly in October: FAO

Global food prices saw a moderate decrease in October, the UN Food and Agriculture Organization (FAO) said in its report, News.Az reports citing TASS. 

The FAO Food Price Index, which records month-on-month variations in international prices for staple foods, stood at 120.6 points in October, down 10.9% year on year and 0.5% month on month.

"The slight drop in October reflects declines in the price indices for sugar, cereals, vegetable oils and meat, while the index for dairy products rebounded," the Organization said.

The cereal price index lost 1% monthly. In particular, global rice prices plunged by 2% and wheat prices dropped by 1.9%, "reflecting generally higher-than-earlier-anticipated supplies in the United States of America and strong competition among exporters," FAO noted. Global vegetable prices dropped by 0.7% against September and by 2.2% for sugar, although remaining 46.6% above last year’s level. Meat prices declined by 0.6%.

The Dairy Product Index was the only indicator that rose. It gained 2.2% in October, ending a nine-month streak of decreasing prices.


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