Global food prices rose in October as international quotations for sugar, wheat and maize increased sharply, the Food and Agriculture Organization of the United Nations (FAO) reports.
The FAO Food Price Index, averaged 172.7 points in October, some 1.7 percent higher than the previous month and 6.0 percent higher than during October 2018, FAO said in a statement.
It was the first time in five months that the index had increased, the statement said.
The index, which tracks monthly changes in the international prices of commonly traded food commodities was issued on Thursday by FAO.
The FAO Cereal Price Index rose by 4.2 percent in October, as wheat and maize export prices climbed significantly - a hike driven by reduced crop prospects in several major producing countries and "robust trade activity," the UN agency said.
By contrast, rice prices slipped, driven by subdued demand and prospects of an abundant basmati harvest, FAO said
The FAO Sugar Price Index increased by 5.8 percent in October amid expectations of much tighter supplies in the year ahead, due mainly to anticipated large reductions in sugar output in India and Thailand, the world's biggest sugar producer and largest sugar exporter, respectively.
The FAO Vegetable Oil Price index also rose by 0.5 percent to its highest level in more than a year. Palm oil quotations nudged up due to new biodiesel mandates in Indonesia as well as firm import demand and an expected slowdown in output growth, while those for sunflower oil fell in the wake of bumper harvests in the Black Sea region.
The FAO Meat Price Index rose 0.9 percent, buoyed by higher import demand for bovine and ovine meats, especially from China. Pork prices rose moderately, while those of poultry fell due to higher quantities of the meat being available for export.
The FAO Dairy Price Index dipped 0.7 percent in October, as notably lower price quotations for cheese more than offset increases in those for skim and whole milk powders.
.jpg)
.jpg)
