FAO global food price index spikes

FAO’s food price index, which measures the monthly change in the prices of food commodities that are important in international trade, rose by 2% to 127.4 points in October, representing a 5.5% hike year-on-year. The index is still 20.5% below its peak level in March 2022. The vegetable oil price index shot up 7.3% in October, breaking a two-year record, as concerns surrounding production pushed up prices for palm, soybean, sunflower and rapeseed oil. Meanwhile the sugar price index closed 2.6% higher in October and the dairy price index was up 1.9% last month, which was 21.4% higher than a year earlier. //