- A stable global price index was announced by the FAO for September.
- The average price index for food items was 121.5 points, a decrease of 10.7% from the previous year.
- Due to plentiful supplies and promising production forecasts in Russia, wheat prices globally fell 1.6%.
A stable global price index was announced by the Food and Agriculture Organization (FAO) for September, with increases in the prices of sugar and maize offsetting drops in the prices of vegetable oils, dairy products, and meat.
The average price index for food items was 121.5 points, a decrease of 10.7% from the previous year and a 24% drop from the record high set in March 2022.
Global food price
The grain index grew by 1.1%, with maize prices rising by 7.5% as a result of strong demand for Brazilian supply, sluggish Argentine sales, and rising barge freight costs in the US.
Due to plentiful supplies and promising production forecasts in Russia, wheat prices globally fell 1.6%. As a result of weak import demand, rice prices fell 0.5%.
The sugar index increased 9.8% from August to reach its highest point since November 2010, as worries about a projected tighter global supply increased. While dairy prices dipped 2.3% for the eighth straight month, vegetable oil prices dropped 3.9%. Costs of meat decreased by 1.1%.
The FAO predicted that the globe will produce 2.819 billion tonnes of cereals this year, a small increase from the levels predicted for 2022.
This increase was primarily attributable to more optimistic yield predictions for Russia and Ukraine due to good meteorological conditions.
