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FAO food price index declines 1.1% month-on-month, led by lower vegetable oil prices…

Global food prices decreased for a sixth month in a row in September, led by lower vegetable oil prices, the UN Food and Agriculture Organization (FAO) said Friday.

Averaging 136.3 points last month, the FAO food price index saw a decline of 1.1%, or 1.5 points, from a month ago.

The FAO food price index is a trade-weighted index that tracks international market prices of five major food commodity groups.

The vegetable oil price index plummeted 6.6% month-on-month in September, reaching its lowest level since February 2021. It stemmed from lower prices in palm, soy, sunflower, and rapeseed oils.

In contrast, the FAO cereal price index rose 1.5% from August. The UN body pointed out that international wheat prices rebounded 2.2% amid concerns over dry crop conditions in the US and Argentina, fast pace of exports from the EU, and heightened uncertainty about the Black Sea Grain Initiative’s continuation beyond November.

The diary price index dropped for the third consecutive month, down 0.6% in September, due to weaker euro versus strong greenback, along with market uncertainties and bleak global economic growth prospects.

Last month, the meat price index fell 0.5%, posting the third consecutive monthly decline.

The FAO sugar price index was down 0.7% to over a year low in September.

On an annual basis, world food prices increased 5.5% from September 2021.

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