FAO: Global food prices fell in September

The leading global price index of international food commodity prices fell to 128.8 points in September, from 129.7 points in the previous month. The September figure is 3.4 percent higher than a year earlier, but 19.6 percent below the peak set in March 2022.

The FAO Food Price Index is a trade-weighted indicator that takes into account the international market prices of the five most important food commodities – vegetable oils, cereals, meat, dairy products and sugar.

The FAO Cereal Price Index averaged 105.0 points in September, down 0.6 points (0.6 percent) from the previous month and 8.5 points (7.5 percent) from a year earlier. Global export prices of barley and sorghum increased, while those of maize, rice and wheat decreased.

The vegetable oil price index averaged 167.9 points in September, down 1.2 points (0.7 percent) from the previous month. The increase in the price index reflected weaker palm and soybean oil quotations, which more than offset increases in sunflower and rapeseed oil prices.

The FAO Meat Price Index rose to a record high in September, averaging 127.8 points, up 0.9 points (0.7 percent) from August and 7.9 points (6.6 percent) from a year earlier. The increase in the index reflected higher world prices for beef and sheepmeat, while prices for pork and poultry were broadly unchanged from the previous month. Beef prices rose to record levels on strong demand in the United States.

The dairy price index averaged 148.3 points in September, down 2.6 percent from the previous month but nearly 9 percent higher than in September last year. Prices of powdered milk, butter and cheese also fell.