Global food prices hit 18-month high in October

By Gokhan Ergocun

ISTANBUL (AA) — Global food prices reached an 18-month high in October, rising 2% from September, the UN's Food and Agriculture Organization (FAO) reported on Friday.

All major food commodities, except meat, saw price increases in October, with vegetable oils experiencing the largest rise at 7.3%, according to the FAO.

Compared to historical levels, the FAO's Food Price Index in October was 5.5% higher than a year ago, although it remains 20.5% below the peak level from March 2022.

Cereal prices increased by 0.8% from September but were 8.3% lower than in October 2023.

Vegetable oil prices climbed 7.3% month-on-month in October, reaching a two-year high.

Dairy prices rose by 1.9% in October and were also up 21.4% from October 2023.

Sugar prices increased by 2.6% in October compared to September, marking the second consecutive monthly rise, although still down 18.6% from a year ago.

In contrast, meat prices slipped 0.3% in October compared to the previous month, though they were 7.5% higher than in October 2023.