Global food prices largely remained stable in October despite a slight rise in the price of cereals linked to uncertainties over the Black Sea corridor, the UN Food and Agriculture Organisation (FAO) announced on Friday.
The FAO food price index, which tracks changes in the international prices of a basket of commodities, has fallen very slightly from its September level, and now stands at 135.9 points.
“With the last update, the index was down 14.9% from its historical peak in March 2022,” after the Russian invasion of Ukraine, the FAO said in a statement. The FAO cereal price index rose by 3% in October, driven in particular by wheat, which gained 3.2% compared to September.
This rebound reflects “mainly the uncertainties linked to the agreement on Ukrainian grain exports to the Black Sea”, whose extension is not assured beyond the 19 November deadline. The FAO price indices for vegetable oils, dairy products, meat and sugar, on the other hand, all declined.