Global Food Prices Decline in October
According to the agency, its Food Price Index, which observes monthly variations in the international rates of a selected group of widely traded food goods, decreased to 126.4 points during October.
This marks the second straight monthly reduction in the index, following a decline in September that was partially linked to a fall in sugar prices.
The Cereal Price Index dipped by 1.9% compared with the previous month, as prices for grains such as wheat and rice decreased. Specifically, wheat values were down 1%, while rice costs slid by 2.5%.
The Sugar Price Index fell by 5.3% in October, reaching its lowest point since December 2020. This drop was driven by strong production in Brazil, anticipated output increases in Thailand and India, and reduced crude oil prices.
Meanwhile, the Dairy Price Index dropped by 3.4% in October compared with the prior month, influenced by decreased prices for milk powder and butter. The decline was largely due to higher export volumes from the EU and New Zealand.
Additionally, the Meat Price Index slipped by 2% in October after rising for eight consecutive months. Despite the overall decrease, beef prices continued to climb, sustained by robust global demand and increased price offers from Australia.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
