FAO’s Food Price Index (FPI) for October was up 3.1 percent from the previous month. Year on year, the October FPI was up 6.5 percent. (All figures are adjusted for inflation; the index baseline comes from 2014 to 2016 prices.)
Nearly all the price subindexes were up YOY: dairy, up 4 percent; cereals, up 17 percent; vegetable oils, up 27 percent; and sugar, up 10 percent. The exception was meat, down 10 percent, which has had monthly declines since April. The rest of the categories have seen mostly up months since June.
Vegetable oils are at a nine-month high on stronger palm and soybean oil prices. Strength for cereal prices may be attributed to unfavorable weather in South America and part of Europe. Rising barley and sorghum prices have added support to both wheat and corn.
For 2020 through October, the FPI is up 1.7 percent from 2020. Year to date, the change in the subindexes is mixed: meat, down 4 percent; dairy, down 2 percent; cereals, up 5 percent; oils, up 14 percent; and sugar, down less than half a percent.