Global Food Prices Decline in October, Sugar Surges Amid Supply Disruptions
Global food prices experienced their first decline in four months in October, with the UN Food and Agriculture Organization (FAO) Food Price Index falling by 1.2% to 133.9 points from 135.6 points in September. This decrease was primarily driven by lower prices for cereals, meat, and dairy products. Cereal prices dropped by 4.5% due to softened global demand and improved production outlooks, particularly for wheat in Argentina and corn in the United States and South America. International wheat prices reversed a four-month rising streak, and corn prices retreated after reaching a three-year high in September. Meat and dairy prices also saw declines of 1.2% and 1.1% respectively, attributed to ample supplies and subdued international demand. However, sugar prices surged by 6.6% in October, marking their fourth consecutive monthly increase and reaching their highest level since December 2024. This spike was mainly caused by rainfall-related disruptions to sugarcane harvesting in Brazil, the world's largest s...
