The world price index of the food and Agriculture Organization of the United Nations (FAO) largely stabilized in September, as a decrease in the price indices of vegetable oils, dairy products and meat offset the impact of an increase in the prices of sugar and corn.
The organization said that its index, which tracks the most traded food commodities in the world, scored 121.5 points last month compared to 121.6 points after adjustment in August. The preliminary reading for August was 121.4 points.
The September index recorded a 10.7 percent year-on-year decline and a 24 percent decline from the all-time high reached in March 2022 .
Global wheat prices fell 1.6 percent thanks to strong supplies and good production prospects in Russia. Rice prices fell 0.5 percent last month amid falling export demand, after rising by about ten percent in August, according to Reuters.
The sugar price index jumped 9.8 percent compared to August to the highest level since November 2010, amid growing concerns over the forecast of a shortage of global supply next season, linked to fears of the impact of the El Nino climatic phenomenon on production.
Vegetable oil prices fell 3.9 percent, and dairy prices fell 2.3 percent for the ninth consecutive monthly decline. Meat prices fell 1 percent.
