The UN Food and Agriculture Organisation (FAO) reported that its Food Price Index averaged 133.9 points in October, representing a 1.2 per cent drop from the revised September level.

Overall, the index fell by 1.6 points as most commodity groups posted lower prices, with only modest increases recorded for sugar and vegetable oils.

Cereals recorded the steepest decline, with the FAO Cereal Price Index slipping 4.5 per cent from September, reflecting falling wheat, maize and other grain prices.

Wheat prices reversed four months of gains as weaker global demand and an improving Argentine production outlook reduced market pressure.

Maize prices eased after reaching a three‑year high in September, helped by the US harvest and expectations of ample supplies from South America and a calmer Black Sea situation.

Rice prices rose 1.6 per cent, driven by harvesting delays in some exporting nations, adverse weather and higher production costs that tightened supply.

The FAO Meat Price Index fell 1.2 per cent, with lower quotations for pig, sheep and cattle meat offsetting relatively stable poultry prices.

Dairy prices slipped 1.1 per cent as butter and cheese quotations fell amid ample supplies, even as milk powder prices continued to rise.

Sugar was the only commodity to post a notable increase, with its index up 6.6 per cent – the highest level since December 2024 – due to harvesting and crushing disruptions in Brazil’s Centre‑South region and production concerns in India, the EU and Thailand.

Vegetable oil prices edged up 0.3 per cent, supported by higher quotations for soybean and sunflower oil, with soybean oil reaching its highest level since late 2022 on strong biofuel demand.

Despite the October dip, the index remains 5.9 per cent above its level a year earlier and 16.4 per cent below its March 2022 peak.

The FAO warned that global food insecurity persists, with 41 countries needing external assistance – 31 of them in Africa – and highlighted ongoing conflict and El Niño‑related weather shocks as key drivers of severe acute food insecurity.