The United Nations Food and Agriculture Organization (FAO) said on Friday that the FAO Food Price Index declined 1.2% in October compared to the previous month to 133.9 points. The figure was 5.9% higher than a year earlier but remained 16.4% below its peak in March 2022.
Cereal prices dropped 4.5% month-on-month, following four consecutive months of increases. Sugar jumped 6.6% from September, while vegetable oils were up 0.3%. Meat prices decreased 1.2%, and dairy prices slipped 1.1% on a monthly basis.
“International maize quotations also eased after reaching a three-year high in September, weighed down by harvest-related pressure in the United States of America, expectations of ample supplies in major exporting countries in South America, and renewed prospects for an easing of tensions in the Black Sea region,” FAO said.