Food Price Index Virtually Unchanged in October
The FAO Food Price Index averaged 135.9 in October, virtually unchanged from September. The UN’s Food and Agriculture Organization says a higher Cereal Price Index countered drops in the indices for vegetable oils, dairy, meat, and sugar. With the latest update, the food price index has dropped almost 24 points from its peak in March but remains 2.7 points above October 2021.
The Cereal Price Index averaged 152.3 points, 4.4 points higher than in September and 15.2 points above the same time last year. The FAO Vegetable Oil Price Index averaged 150.1 points, down 2.4 points month-on-month and nearly 20% below last year’s level. The Dairy Price Index averaged 140.1 in October, down 2.5 points from September and the fourth-consecutive monthly drop. The Meat Price Index dropped for the fourth month in a row, averaging 118.4 points in October.
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