World Food Prices Fall in November

The United Nations’ Food and Agriculture Organization’s Food Price Index fell 1.2% to 125.1 points in November, marking a third consecutive monthly decline and a new low level since January.

Sugar prices tumbled 5.9% to the lowest level since December 2020, amid expectations of ample global sugar supplies in the current season.  Sugar production remained strong in Brazil and India.  Dairy prices dropped 3.1% to September 2024 lows with declines recorded across all major dairy commodities.

Prices for vegetable oils went down 2.6% as lower prices in other categories more than offset a slight increase in the price of soy oil.  Also, meat prices dropped 0.8%, continuing to be driven lower by pig and poultry prices. On the other hand, cereal costs went up 1.8%, driven by a 2.5 percent increase in wheat bolstered by potential Chinese interest in supplies from the U.S. and reduced Russian plantings.

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