The World Price Index of the United Nations Food and Agriculture Organization (FAO) fell last October to the lowest level in more than two years, driven by a decline in the prices of sugar, grains, 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 last October, down from 121.3 points the previous month.
Last October’s reading was the lowest since March 2021.
In contrast, the dairy price index rose by 2.2% last October after a 9-month decline.
In a separate report on grain supply and demand, the FAO maintained its forecast for global grain production this year at 2.819 billion metric tons, an increase of 0.9% over the previous year, which is an unprecedented high level.
It is expected that the volume of global trade in grains during the period 2023/2024 will reach about 469 million tons, which represents a decline of 1.6% compared to the previous year.