Global food prices surge in October, led by vegetable oils and sugar

The FAO Food Price Index rose by 2% to 127.4 in October 2024, marking its highest level since April 2023, as prices for nearly all commodity groups increased, except for meat.

Global food prices surge in October, led by vegetable oils and sugar

Vegetable oils led the surge, jumping 7.3% to reach their highest level since November 2022, with prices rising for palm, soy, sunflower, and rapeseed oils. Sugar prices climbed by 3.3%, reaching a seven-month high due to concerns over Brazil’s 2024/25 production outlook following extended dry weather. Dairy prices increased by 1.9%, hitting their highest point since January 2023, primarily driven by higher global cheese prices.

Cereal prices rise amid weather concerns; meat prices dip

Cereal prices increased 0.8%, reflecting worries about adverse weather affecting winter crop sowing in key northern hemisphere exporters such as the EU, Russia, and the US. In contrast, meat prices edged down by 0.3%, with international pig meat prices seeing the most significant decline.