Although it was the highest since April 2023, it was still 20.5% below the March 2022 peak.
The FAO Reports That Global Food Prices Have Reached An 18-Month High.
Due to a significant spike in the price of vegetable oil, food prices worldwide increased in October to their highest level in 18 months, the Food and Agriculture Organisation announced on Friday.
Last month, the FAO Food Price Index, which monitors monthly shifts in global prices of a selection of food commodities, increased by 2% from September to 127.4 points.Although it was at its highest since April 2023, it was still 20.5% below the peak attained in March 2022, which followed Russia’s invasion of Ukraine, a country that is a major player in agriculture.
Reduced production caused vegetable oil prices to rise 7.3% in October, hitting a two-year high.Cereal prices increased by 0.8%, dairy prices increased by 2.6%, and sugar prices increased by 2.6%.The only commodity to decline was meat, which fell 0.3 percent from the previous month.One of the United Nations’ agencies is the FAO.