Global food prices reach 18-month high amid sharp rise in vegetable oil costs
Global food prices climbed in October to their highest level in 18 months, driven largely by a surge in vegetable oil prices, the Food and Agriculture Organization (FAO) reported on Friday.
The FAO Food Price Index, which monitors monthly fluctuations in the international prices of key food commodities, rose by 2% from September to reach 127.4 points, marking its highest point since April 2023.
However, the index remains 20.5% below the record levels of March 2022, when Russia’s invasion of Ukraine disrupted food supply chains globally.
The FAO noted that vegetable oil prices led October’s increase, soaring by 7.3% to a two-year high, due to lower production levels. Other commodities also saw price hikes, with sugar up by 2.6%, dairy by 2.5%, and cereals by 0.8%. Meat was the only major commodity to register a decline, slipping by 0.3% from the previous month.
The October rise in food prices highlights ongoing vulnerabilities in global food supply and price stability, particularly as disruptions in key production areas impact availability and costs for consumers worldwide.
