The FAO Food Price Index, which tracks monthly changes in the international prices of food items, averaged 133.2 points in October (up 3% from September).
The FAO cereal price in October increased by 3.2% from the previous month due to reduced harvests in Canada, Russia and the United States of America. The FAO vegetable oil price went up 9.6% in October reaching an all-time high and the FAO dairy price also went up as demand for butter, skim milk powder and whole milk powder increased.
Palm oil prices rose for a fourth consecutive month in October, largely caused by persisting concerns over subdued output in Malaysia due to ongoing migrant labour shortages. In contrast cheese process remained largely stable as supplies from the major cheese producing countries were adequate to meet global import demand.
The FAO meat price slipped 0.7% from its revised value in September and the FAO sugar price index dropped by 1.8% since September.
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