Global Food Price Index Falls for Three Consecutive Months

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Erlina Fury Santika 09/11/2023 14:44 WIB

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The FAO's world food price index has consistently fallen for the past three months.

FAO World Food Price Index (July 2022-October 2023)

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FAO World Food Price Index (July 2022-October 2023)

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Food and Agriculture Organization (FAO) data shows that the average global food price index reached 120.6 points in October 2023. This figure is down 0.7 points or 0.5% from the September 2023 index.

The food price index has fallen for three consecutive months. In July 2023, it was recorded at 124.1 points, falling to 121.6 points in August 2023. It then fell slightly to 121.3 points in September 2023 and further to 120.6 points in October 2023.

The FAO notes a continuing downward trend. The year-on-year decrease reaches 14.8 points or 10.9%.

"The slight October decrease reflects lower price indices for sugar, cereals, vegetable oils, and meat, while the dairy index saw a renewed increase," the FAO wrote on its website on Friday, November 3, 2023.

During the beginning of 2023, the index increased only twice. A slight increase occurred in April 2023 with an index value of 127.7 points, and another in July 2023, reaching 124.1 points.

The FAO food price index measures the monthly change in international prices of a range of food commodities.

The index is compiled from the average of five price indices for commodity groups that are staple foods: meat, dairy, cereals, vegetable oils, and sugar.

Furthermore, the index is weighted by the average export share of each group during 2014-2016.

The components of the global food price index in October 2023 are as follows:

* Average meat price index: 112.9 points*
* Average dairy price index: 111.3 points
* Average cereal price index: 125 points
* Average vegetable oil price index: 120 points
* Average sugar price index: 159.2 points

*) Note: Most prices used in the meat price index calculation are unavailable. In recent months, the calculation has been obtained from a mix of projected and observed prices.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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