ROME, Nov. 8 (Xinhua) -- Global food prices surged in October to their highest level in 18 months as weather disruptions and rising fuel costs intensified inflationary pressures, the United Nations Food and Agriculture Organization (FAO) reported Friday.
The FAO Food Price Index, which tracks monthly changes in international prices of a basket of commonly traded food commodities, averaged 127.4 points in October, the highest since April 2023. The figure also marked a 2.0 percent rise from September, the steepest monthly increase since early 2022 when the onset of the Russia-Ukraine conflict led to a spike in global energy prices.
Nevertheless, the October index remained 20.5 percent lower than its record high in March 2022.
Among others, the FAO vegetable oil price index spiked by 7.3 percent in October month-on-month, hitting a two-year high as a result of rising quotations for palm, soy, sunflower and rapeseed oil. FAO said the increase was sparked by lower-than-expected production in southeast Asia and weak forecasts going forward.
Prices for grains and cereals, the largest component in the overall index, also gained, though more modestly. FAO said prices climbed 0.9 percent due to adverse weather issues in the northern hemisphere, including the European Union, Russia, and the United States.
Dairy prices, meanwhile, gained 1.9 percent due to higher global demand and sugar prices went up 2.6 percent, driven by rising fuel prices and dry weather that dampened the production outlook in Brazil, the world's leading sugar producer. Currency issues were also a factor, FAO said.
The only declining sub-index in October was for meat, which edged down 0.3 percent from September, though the index remained 7.5 percent above its level a year earlier. FAO said increased supply in Western Europe was enough to compensate for higher demand in some markets. ■
