FAO: Global food price index fell in October to two-year low

World Price Index of the United Nations Food and Agriculture Organization (FAO) fell in October to its lowest levels in more than two years, driven by declines in the prices of sugar, cereals, vegetable oils and meat.

The organization said on Friday that its index, which tracks the most traded food commodities in the world, averaged 120.6 points in October, down from 121.3 the previous month.

The October reading was the lowest since March 2021.

In a separate report on cereal supply and demand, the FAO maintained its forecast for global cereal production this year at 2.819 billion metric tons, an increase of 0.9 percent from the previous year.