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Although food prices have rolled back from the record high witnessed in the wake of Russia’s invasion of Ukraine, signs of tight supplies have fuelled a fresh upward push in food prices.
Global food prices hit the highest level in 18 months in October, with unfavourable weather raising production concerns for many commodities.
An index of food-commodity prices created by the United Nations’ Food and Agriculture Organisation rose to the highest since April 2023, according to data released on Friday. The gauge — that tracks grains, sugar, meat, dairy, and vegetable oils costs — rose 2% in October, led by a jump in the cost of vegetable oils.
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Although food prices have rolled back from the record high witnessed in the wake of Russia’s invasion of Ukraine, signs of tight supplies have fueled a fresh upward push in food prices. Vegetable oil prices jumped the most last month on worries about lower production, with palm oil leading the rally. Incessant rains in the northern hemisphere have also put pressure on grains, while dry weather raised concerns about production in Brazil, driving up sugar costs.
