Food prices fell for the third consecutive month in October, according to the OFood and Agriculture Organization of the United Nations (FAO), thanks to the depreciation of rice, wheat and sugar.
The FAO index, which measures a basic basket of products, dItdecreased by 0.5% compared to the month of September, showing a depreciation of 10.9% in year-on-year comparison.
The international price of rice, which hit a 15-year high in August, recorded a decline of 2.0%. Wheat also fell 1.9% due to the “abundant supply” from the United States and intense competition among exporting countries. However, some grains such as corn experienced an increase due to reduced supply in Argentina.
The vegetable oil price index decreased by 0.7%, mainly due to the drop in the price of palm oil, influenced by seasonal factors.
As for sugar, whose price hit a 13-year high in September due to concerns about the impact of the El Niño phenomenon on crops in Thailand and India, it saw a 2.2% decline this month.
These data reveal a downward trend in the prices of basic foods in the international market, providing some relief for consumers and highlighting factors such as abundant supply and competition among exporting countries that have contributed to this decline. FAO will continue to closely monitor the situation to provide accurate information on changes in global food prices.
Source: Larepublica
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