Global food prices hit an 18-month high in October, rising 2% from September, according to the UN’s Food and Agriculture Organization (FAO). Prices for most major food commodities, except meat, increased, with vegetable oils seeing the biggest jump at 7.3%.
The FAO’s Food Price Index in October was 5.5% higher compared to the same month last year but still 20.5% lower than the peak in March 2022. Cereal prices rose by 0.8% from September but were 8.3% lower than October 2023.
Vegetable oil prices surged by 7.3% month-on-month, reaching their highest level in two years. Dairy prices increased by 1.9% in October and were up 21.4% compared to last year. Sugar prices saw a 2.6% rise, marking the second consecutive monthly increase, although they were still down 18.6% from the previous year.
In contrast, meat prices dropped by 0.3% from September, though they remained 7.5% higher than in October 2023.
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