Food Price Index Increases

Global food prices made a mild move upward last month, according to the Food and Agriculture Organization of the United Nations.  The monthly FAO Food Price Index averaged 178.4 points in September 2017, up 1.4 points from August and 7.4 points above September 2016.  Firmer prices in the vegetable oil and dairy sectors were behind the small month-on-month rise.  The index consists of the average of five commodity group price indices, weighted with the average export shares of each of the groups for 2002-2004.

Prices for cereal grains declined 1%, to a level of 152.2. However, the Vegetable Oil Price Index averaged 171.9 points in September, compared to 164.4 in August, rising for the second consecutive month and marking a seven-month high. Global dairy prices increased 2.1 percent for the month, and meat prices were unchanged, along with little change in sugar prices.

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