Global food prices reach 18-month high — FAO

FILE PHOTO: A man reaches for products at a supermarket aisle with vegetable oil in Cairo, Egypt, March 22, 2022. REUTERS/Mohamed Abd El Ghany

Paris, France — Global food prices rose in October to their highest level in 18 months, with a sharp increase in the cost of vegetable oil, the Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices of a basket of food commodities, reached 127.4 points last month, a two-percent increase from September.

READ: World food prices drop for seventh month, says FAO

It was the highest since April 2023 but still 20.5 percent lower than the peak reached in March 2022 following Russia’s invasion of agricultural powerhouse Ukraine.

Vegetable oil prices increased by 7.3 percent in October, reaching a two-year high due to lower production.

Sugar prices rose 2.6 percent, dairy was up 2.5 percent and cereals gained 0.8 percent.

Meat was the only commodity to fall, down 0.3 percent from the previous month.

The FAO is an agency of the United Nations.