The FAO Food Price Index, which tracks a basket of globally traded basic food commodities, averaged 125.1 points in November, down from a revised October reading of 126.6 points, marking its lowest level since January.
The FAO stated that the November average was down 2.1% from its level a year ago and down 21.9% from its peak in March 2022 following the start of the Russian war against Ukraine.
The FAO Sugar Price Index fell 5.9% from October to its lowest level since December 2020, affected by expectations of abundant global supply, while the Dairy Price Index fell 3.1%, continuing its decline for the fifth consecutive month, reflecting increased milk production and increased export supply.
The Vegetable Oil Price Index fell 2.6% to its lowest level in five months amid declines in most products, including palm oil, which outweighed gains in soybean oil.
The organization indicated that meat prices fell by 0.8%, with pork and poultry leading the decline, while beef prices stabilized against the backdrop of the US cancellation of tariffs on beef imports, which reduced the recent rise in prices.
In contrast, the FAO Cereal Price Index rose by 1.8% on a monthly basis.
Wheat prices increased due to potential demand from China and geopolitical tensions in the Black Sea region, while corn prices increased, supported by demand for Brazilian exports and reports of the impact of weather on the agricultural sector in South America. (Sky News)
