sure win ph Global food prices reach 18-month high — FAO
FILE PHOTO: A man reaches for products at a supermarket aisle with vegetable oil in Cairo, Egypt, March 22, 2022. REUTERS/Mohamed Abd El Ghany
Paris, France — Global food prices rose in October to their highest level in 18 months, with a sharp increase in the cost of vegetable oil, the Food and Agriculture Organization said on Friday.
The FAO Food Price Index, which tracks monthly changes in international prices of a basket of food commodities, reached 127.4 points last month, a two-percent increase from September.
Article continues after this advertisementREAD: World food prices drop for seventh month, says FAO
FEATURED STORIES BUSINESS Tesla in the Philippines: Cheaper model priced at P2.1M BUSINESS Global food prices reach 18-month high — FAO BUSINESS NLEx secures P10B loan from Chinabank to expand operationsIt was the highest since April 2023 but still 20.5 percent lower than the peak reached in March 2022 following Russia’s invasion of agricultural powerhouse Ukraine.
Vegetable oil prices increased by 7.3 percent in October, reaching a two-year high due to lower production.
Article continues after this advertisementSugar prices rose 2.6 percent, dairy was up 2.5 percent and cereals gained 0.8 percent.
Article continues after this advertisementMeat was the only commodity to fall, down 0.3 percent from the previous month.
The FAO is an agency of the United Nations.
Subscribe to our daily newsletter