Adjusted for inflation, the September FAO Food Price Index was reported up 2 percent from August and up under 6 percent YOY. This is the fourth straight month of monthly gains but only the second straight month of YOY gains.
Month on month, most subindexes were up in September except for meat, down nearly 1 percent from August, and sugar, down less than 3 percent from August.
Year on year, the meat subindex is down nearly 9 percent from September 2019, but every other subindex is up YOY: dairy, up 3 percent; cereals, up 14 percent; oils, up 25 percent; and sugar, up 8 percent.
Looking at 2020 to date, the food price index is up slightly over 1 percent from 2019. Year to date, the most subindexes showed modest declines except for cereals, up 3 percent, and oils, up nearly 12 percent. The move higher for the oils subindex is attributed to price strength for palm, sunflower, and soybean oils.
FAO select food price indexes