Global Food Prices Fall for Seven Consecutive Months

The Food and Agriculture Organization (FAO) reports that average global food prices fell again in October 2022.

In its official release, the FAO stated that average food prices remained unchanged in October 2022 compared to September 2022. Almost all commodity prices fell, except for cereal prices, which increased.

"The international reference price for cereals increased month-on-month. Wheat prices rose by 3.2%, reflecting continued uncertainty surrounding the Black Sea Grain Initiative," according to the release.

The average global food price index fell slightly by 0.07% to 135.9 in October 2022 compared to the previous month (month-to-month/m-to-m). Of the five global food prices, four recorded decreases: meat, dairy, sugar, and vegetable oils. Cereal prices, however, increased.

Details are as follows:

Average: down 0.07% (m-to-m) to 135.90

* Dairy: down 1.75% (m-to-m) to 140.10
* Vegetable oils: down 1.64% (m-to-m) to 150.10
* Meat: down 1.42% (m-to-m) to 118.40
* Sugar: down 0.64% (m-to-m) to 109.00
* Cereals: up 2.97% (m-to-m) to 152.30

Although showing a downward trend from its peak in March 2022, the average global food price is still 2.01% higher than a year ago.

The following shows the increase/decrease in global food prices over the past year (year-on-year/yoy) in October 2022:

Average: up 2.01% (yoy)

* Dairy: up 15.35% (yoy)
* Cereals: up 11.05% (yoy)
* Meat: up 5.74% (yoy)
* Sugar: down 8.45% (yoy)
* Vegetable oils: down 18.79% (yoy)