World food prices mostly steady in October – FAO

The benchmark for world food commodity prices was broadly stable in October, with rising cereal prices more than offset by declines in quotations for other staples, the Food and Agriculture Organization of the United Nations (FAO) reported.

The FAO Food Price Index, which tracks monthly changes in the international prices of a basket of commonly traded food commodities, averaged 135.9 points during the month of October, negligibly below its level in September. With the latest update, the index stood 14.9% down from its all-time high recorded in March 2022, while it remained 2.0% above its level in October 2021.

The FAO Dairy Price Index dropped by 1.7%, with the prices of all dairy products covered down since September. Lower than anticipated purchases by China, lacklustre import demand and the weakening of the Euro against the United States dollar underpinned the drop in October.

The FAO Meat Price Index was down 1.4% in October compared to September, with international ovine, pig, bovine and poultry meat prices all declining on broadly subdued global import demand and increasing exportable supplies.

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