2023-11-03 12:32:06
On an annual basis, the decline is almost 11%
Only dairy products started to rise in price
The Food and Agriculture Organization of the United Nations (FAO) reported on Friday that the main global prices of food fell slightly in October by 0.5 percent compared to the previous month.
East Friesian sheep
At the same time, the dairy price index began to rise. In October 2023, the average FAO food price index, which tracks monthly fluctuations in world food prices, was 120.6 points, a drop of 10.9 percent from the same period last year.
Compared to the September level, the index of cereal prices of FAO decreased by 1.0 percent. World rice prices fell by 2.0 percent due to generally subdued global import demand, and world wheat prices by 1.9 percent due to strong supply from the United States as well as a sharp strengthening of competition between exporters. Feed grain quotes, on the other hand, rose slightly, mainly on the back of rising global corn prices as a result of reduced supply in Argentina.
The index of vegetable oil prices of FAO fell by 0.7% from its level in September. Lower global palm oil prices, driven by seasonal production growth as well as weak global import demand, offset higher soybean, sunflower and canola oil prices. Global soybean oil prices rose, driven by strong demand from biodiesel producers.
The index of sugar prices of FAO fell 2.2 percent, but at current levels is still 46.6 percent higher than the same period last year. October’s decline was mainly driven by higher production volumes in Brazil, with concerns about an expected global supply shortfall next season keeping prices low.
The index of meat prices of FAO fell 0.6 percent as world pork prices eased on weak import demand, particularly from some East Asian countries. This was offset by modest increases in poultry, beef and lamb prices.
Conversely, the index of the prices of dairy products after nine months of continuous decline, the FAO rose 2.2% in October. Global milk powder prices rose the most, driven mainly by surges in import demand from short-term and long-term contracts and uncertainty over the impact of El Niño-related weather conditions on production in Oceania countries.
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