The FAO Food Price Index, which tracks the international prices of a basket of food commodities, is up 3.9 per cent from September, rising for a third consecutive month.
Cereal prices overall increased by 3.2 per cent, with wheat rising five per cent, due to reduced harvests in major exporting nations, including Canada, Russia and the United States. Prices of all other major cereals also increased.
The vegetable oil index went up 9.6 per cent, hitting an all-time high, and dairy rose by 2.6 points, with increased demand for butter, skimmed milk powder and whole milk powder, as buyers try to replenish low stocks. By contrast, cheese prices remained stable.
For the third consecutive month, the meat index declined, amid reduced purchases of pork products from China, and a sharp decline in beef from Brazil. Poultry and sheep prices rose.
After six consecutive monthly increases, sugar prices also dropped, by 1.8 per cent, amidst limited global demand and large surpluses for export.
Source: news.un.org
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