World Food Prices Fall

September saw global food commodity prices drop as declines in the sugar and dairy industries offset a new peak for meat prices.

The United Nations Food and Agriculture Organization’s Food Price Index, which tracks a basket of internationally traded food commodities, averaged 128.8 points in September, down from a revised 129.7 in August.  The index was 3.4% higher than the same month last year, though it had fallen about 20% from the record level in March 2022 following Russia’s invasion of Ukraine.

The fall in the sugar index reflected an improving supply outlook, with higher-than-expected production in Brazil and favorable harvest prospects elsewhere.  The dairy index slipped 2.6% month-to-month, driven in turn by a sharp decline in butter prices amid increased production prospects.

Elsewhere, the FAO’s meat price indicator rose by another 0.7% to a new record high as beef and sheep meat quotations continued higher.

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