Global Food Prices Reach 18-Month High, Says FAO

Posted by African Examiner Latest Headlines, World News Friday, November 8th, 2024

(AFRICAN EXAMINER) – Global food prices rose in October to their highest level in 18 months, with a sharp increase in the cost of vegetable oil, the Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices of a basket of food commodities, reached 127.4 points last month, a two-percent increase from September.

It was the highest since April 2023 but still 20.5 per cent lower than the peak reached in March 2022 following Russia’s invasion of agricultural powerhouse Ukraine.

Vegetable oil prices increased by 7.3 per cent in October, reaching a two-year high due to lower production.

Sugar prices rose 2.6 per cent, dairy was up 2.5 per cent and cereals gained 0.8 per cent.

Meat was the only commodity to fall, down 0.3 percent from the previous month.

The FAO is an agency of the United Nations.

AFP