Global Food Prices Reach Highest in 18 Months... Up 2% from Previous Month

UN Food and Agriculture Organization Report
October at 127.4 Points, Highest Since April Last Year
Oils and Fats Lead Increase with 7.3% Rise

The global food price index has reached its highest level in 18 months.

Citizens shopping at a large supermarket in downtown Seoul Photo by Yonhap News

According to the United Nations Food and Agriculture Organization (FAO) on the 9th, the global food price index for October rose 2.0% from the previous month to 127.4 points. This is the highest level since April last year and represents a 5.5% increase compared to one year ago. The index is based on the average prices from 2014 to 2016, set at 100 for comparison.

Oils and fats led the index increase with a 7.3% rise from the previous month. Palm oil prices increased due to concerns over production volumes in major Southeast Asian producing countries, and prices of soybean oil, sunflower oil, and rapeseed oil also rose. Sugar increased by 2.6% from the previous month amid ongoing concerns about the 2024/25 production outlook due to dry weather in Brazil.

Dairy products rose by 1.9%. Grains such as wheat and corn increased by 0.8%. Among the five commodity groups, only meat declined, dropping 0.3%.

The Ministry of Agriculture, Food and Rural Affairs stated that it is making efforts to ease the management burden on food companies by applying tariff quotas on key food raw materials such as raw sugar, sugar, and sunflower oil.