Global food prices surged to an 18-month high in October, with the FAO Food Price Index rising 2%, Vegetable oils saw the largest price increase from January to October, rising 24% due to higher palm, soy, sunflower, and rapeseed oil costs. Dairy and meat prices rose, climbing 17% and 10%, respectively, driven by cheese, butter, and increased demand. Cereal prices, including wheat and rice, dropped 4.5%, while sugar prices declined nearly 5% year-on-year. Analysts attribute these decreases to supply-side factors such as weather and transportation challenges.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Food prices surged to an 18-month high in October, with the FAO food price index rising 2%.
00:08Vegetable oil saw the largest price increase from January to October,
00:12rising 24% due to high palm, soy, sunflower, and rapeseed oil costs.
00:19Dairy and meat prices also rose, climbing 17% and 10% respectively,
00:23driven by cheese, butter, and increased demand.
00:26Cereal prices, including wheat and rice, dropped 4.5%, while sugar prices declined nearly 5%
00:32year-on-year. Analysts attribute these decreases to supply-side factors such as
00:37weather and transportation challenges.
00:39For all things money, visit Benzinga.com.