World food prices surged in October, hitting an 18-month high and marking the highest level since April 2023.
The increase was driven largely by a 7.3% spike in vegetable oil prices, with gains seen across most staple food categories.
According to the United Nations Food and Agriculture Organization (FAO), the FAO Food Price Index (FFPI) rose to 127.4 points last month, a 2% increase from the revised 124.9 points in September.
‘The FAO Food Price Index (FFPI) averaged 127.4 points in October 2024, up 2% from its revised September level and the highest since April 2023,’ the report stated.
Compared to the same time last year, the FAO Food Price Index (FFPI) in October was 5.5% higher. However, it remains 20.5% below its peak of 160.2 points, which was reached in March 2022
The FAO’s Food Price Index, which tracks changes in international prices of globally traded food commodities, rose to 127.4 points, up from a revised 124.9 points in September.
This marks a 5.5% increase from…