Global food prices hit 18-month high in October

ISTANBUL – Global food prices reached an 18-month high in October, rising 2 percent from September, the UN’s Food and Agriculture Organization (FAO) reported on Friday.

All major food commodities, except meat, saw price increases in October, with vegetable oils experiencing the largest rise at 7.3 percent, according to the FAO.

Compared to historical levels, the FAO’s Food Price Index in October was 5.5 percent higher than a year ago, although it remains 20.5 percent below the peak level from March 2022.

Cereal prices increased by 0.8 percent from September but were 8.3 percent lower than in October 2023.

Vegetable oil prices climbed 7.3 percent month-on-month in October, reaching a two-year high.

Dairy prices rose by 1.9 percent in October and were also up 21.4 percent from October 2023.

Sugar prices increased by 2.6 percent in October compared to September, marking the second consecutive monthly rise, although still down 18.6 percent from a year ago.

In contrast, meat prices slipped 0.3 percent in October compared to the previous month, though they were 7.5 percent higher than in October 2023. (Anadolu)