Ammon News - World food prices edged lower ​in October as weaker import demand contributed to monthly declines in ‌cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price ​Index, which tracks monthly changes in international prices for a basket ​of food commodities, averaged 133.9 points in October, down from ⁠a revised 135.6 in September.

The index was 5.9% higher than a year ​earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% ​from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand and improved production prospects, especially in ​Argentina.

"Expectations of easing constraints on Black Sea export flows added to the ​downward pressure on prices, although continued disruptions to Black Sea logistics limited the decline," FAO ‌said ⁠in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed prospects of easing tensions in the Black Sea region.

Vegetable oil prices ​edged up 0.3%, ​as higher soybean ⁠and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight ​monthly increase, to the highest level since December 2024, ​after rainfall ⁠disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies ⁠and subdued ​demand outweighed gains in milk powder.

The meat ​index declined 1.2%, while still slightly above its year-earlier level, as pig, ovine and bovine meat ​prices fell.


Reuters