FAO Food Price Index virtually unchanged in October

By: Trademagazin Date: 2022. 11. 04. 12:48

The FAO Food Price Index* (FFPI) averaged 135.9 points in October 2022, virtually unchanged from September, with the price indices of all the covered commodity groups, except cereals, down month-on-month. An upturn in the Cereal Price Index countered drops in the indices for vegetable oils, dairy, meat and sugar. With the latest updates, the FFPI has dropped 23.8 points (14.9 percent) from its peak in March this year, but remained 2.7 points (2.0 percent) above its value in the corresponding month last year.

The rice price index rose by 1.0 percent

The FAO Cereal Price Index averaged 152.3 points in October, up 4.4 points (3.0 percent) from September and 15.2 points (11.1 percent) above its value a year ago. International reference prices of all the major cereals were up month-on-month. World wheat prices rose by 3.2 percent, mostly reflecting continued uncertainties related to the Black Sea Grain Initiative. Tighter supplies in the United States of America, following a downward production revision, also contributed to the firmer tone in markets. International prices of coarse grains increased by 3.5 percent month-on-month, led by a 4.3-percent rise in world maize prices. The maize price increase was underpinned by lower production prospects in the United States of America and the European Union, along with dry planting conditions in Argentina and uncertainty about the continuation of Ukraine’s exports. International sorghum prices also increased by 3.0 percent in October, influenced by the strength in maize prices. Meanwhile, world barley prices increased only marginally (0.3 percent), with higher global supplies stemming from better production prospects in the European Union helping to cap price gains. International rice prices remained on an uptrend in October, as the bulk of new crop arrivals were st