Global Food Price Movements: Sugar and Dairy Decline Amid Rising Meat Costs
Global food commodity prices decreased in September, primarily due to drops in sugar and dairy prices, while meat prices surged to a new peak. The overall FAO Food Price Index fell slightly, reflecting improved sugar supply from countries like Brazil and India, and increased cereal production projections.
In September, global food commodity prices experienced a dip, primarily due to declines in sugar and dairy sectors, as reported by the United Nations' Food and Agriculture Organization (FAO). This decrease countered a new peak in meat prices.
FAO's Food Price Index, tracking a selection of internationally traded food commodities, averaged 128.8 points in September, down from 129.7 points in August. Although the index rose by 3.4% compared to the same month last year, it remains nearly 20% lower than its peak in March 2022 following geopolitical tensions in Ukraine.
Sugar prices dropped by 4.1% to their lowest levels since March 2021, attributed to better supply prospects with unexpectedly high production in Brazil and positive harvest expectations in India and Thailand. Meanwhile, dairy prices declined by 2.6%, driven by a significant fall in butter prices amid increased production predictions in Oceania.
(With inputs from agencies.)
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- FAO
- commodity prices
- sugar
- dairy
- meat
- food price index
- wheat
- maize
- cereal production
- global food
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