Lhe prices of food around the world increased in October for a wide range of products, driven in particular by vegetable oils, according to a monthly report from the FAO published on Friday.
The price index calculated by the Food and Agriculture Organization of the United Nations (FAO), which tracks the variation in international prices of a basket of basic products, increased by 2% over one month, to reach a level not seen since April 2023.
In October it had gained 5.5% over one year, but remained 20.5% below its peak in March 2022.
The vegetable oil index in particular gained 7.3% from September to October. He hadn’t reached such a level in two years.
International palm oil prices are on the rise due to reduced seasonal production expected in major producing countries in Southeast Asia. The same goes for the prospects for sunflower and rapeseed production.
The dairy products index increased in October by 2.5% compared to September, gaining 21.4% in value over one year, driven by sustained demand for cheese and butter against a backdrop of reduced seasonal milk production. Europe.
Sugar is at +2.6%, ahead of prospects for Brazilian production hampered by drought.
As for cereals, this is an increase of 0.8% over one month, but still 8.3% less compared to the October 2023 level.
Wheat prices increased for 2e consecutive month, in a difficult climatic context for the harvests (EU, Russia, United States), also reinforced by the Russian announcement of a new floor price for its exports.
Same trend for corn, supported by strong demand. On the other hand, rice followed the opposite movement (-5.6% in October for the FAO index).
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