ROME — The UN Food and Agriculture Organization (FAO) noted a modest decline in global food prices for the seventh month of 2023, marking a softer pace compared to previous months.
According to Philippines News Agency, the Food Price Index, which assesses the monthly change in international prices of a basket of food commodities, averaged 120.3 points in October, down 0.5 percent from September. This reduction is credited to decreased costs in sugar, cereals, vegetable oils, and meat, whereas dairy prices saw an increase. Specifically, the cereal price index fell by 1 percent, influenced by reduced rice and wheat prices. The vegetable oil index also declined by 0.7 percent, primarily due to lower palm oil prices. The meat index experienced a 0.6 percent dip, continuing a four-month downward trend amid weak import demands affecting pig meat prices. Conversely, sugar prices dropped by 2.2 percent, largely due to increased production in Brazil. The dairy index, in contrast, rose by 2.2 percent, reversing a nine-month decline, spurred by heightened import demand and rising milk powder prices.