FAO: Global food price index stabilized during September

The World Price Index of the United Nations Food and Agriculture Organization (FAO) was largely stable in September as a decline in the price indices for vegetable oils, dairy products and meat offset the impact of an increase in sugar and corn prices.

Global wheat prices fell by 1.6% thanks to strong supplies and good production expectations in Russia. Rice prices fell by 0.5% last month amid a decline in export demand, after rising by about 10% in August.

According to Reuters, the organization said that its index, which tracks the most traded food commodities in the world, recorded 121.5 points last month, compared to 121.6 points after the adjustment in August. The preliminary reading for August recorded 121.4 points

The September index recorded a decline of 10.7% year-on-year and a decline of 24% from the all-time high it reached in March 2022 in the wake of the Russian invasion of Ukraine.

The sugar price index jumped 9.8% compared to August, reaching the highest level since November 2010, in light of growing concerns due to expectations of a lack of global supply in the coming season, linked to fears of the impact of the El Niño climate phenomenon on production.

The prices of vegetable oils fell by 3.9%, and the prices of dairy products fell by 2.3%, the ninth monthly decline in a row. Meat prices fell by one percent.