Global Food Prices Reported Lower

Global food prices dropped in October, led by lower dairy products.  The United Nations Food and Agriculture Organization’s monthly Food Price Index averaged 176.4 points for the month of October, down 1.3% from September, while still up 2.5% from a year earlier.  The Index is a measure of the monthly change in international prices of a basket of food commodities.

The global measure for dairy prices fell 4.2%l during October, the first decline for dairy prices since May.  International quotations for butter and whole milk powder eased in October, as importers held back on purchases awaiting new supplies from the Oceania region, while low demand and ample stocks in the European Union pushed skim milk powder prices down.

The vegetable oil, sugar and meat price sub-indexes all decreased, while cereal grain prices were up a half a percent, led by higher rice prices even as wheat quotations were generally lower.

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