FAO: Global food price index stabilized during November

The World Price Index of the United Nations Food and Agriculture Organization (FAO) stabilized in November, as lower cereal prices offset higher vegetable oil prices.

According to the organization’s report issued today, Friday, its index recorded levels of 120.4 points in November, which are levels close to October and which are the lowest level since March 2021.

As for comparing prices to November 2022 levels, they recorded a decrease of about 10.7%, as reported by CNBC.

According to the statement, grain prices decreased by 3% on a monthly basis, due to the sharp decline in corn prices, while wheat prices decreased by about 2.4%.

The FAO said in its report: Palm oil prices rose by more than 6% last month, supported by more active purchases by major importers and as a result of seasonally low production levels from producing countries.

On the other hand, vegetable oil prices increased by about 3.4%, and sugar prices increased by 1.4%, but they are about 41.1% higher than the average in the same period of 2022, due to the deterioration of production in Thailand and India.