UN Report Shows Jump in World Food Prices Is Greatest in 18 Months

On Oct. 4 the UN Food and Agriculture Organization (FAO) released its monthly food price index, which indicates that September underwent the greatest price increase of food commodities since March 2022. The global price for a basket of staple foods experienced a 3.0% rise from August to September according to the FAO’s report. Sugar prices rose 10.4% in September, blamed in part on droughts in Brazil and the decision by India to allow sugarcane to be used in the production of ethanol. World corn and wheat prices rose 3.0% due to excessively wet conditions in Canada and Central Europe. Rice prices fell 0.7% on slow trading. Dairy prices rose 3.8% reflecting higher prices on everything from powdered milk to cheese and butter. Vegetable oils, including palm, soy, sunflower, and rapeseed rose 4.6% in September, reflecting lower production levels in several Asian nations.