Global Food Prices Hit 18-Month High in October Due to Rising Vegetable Oil Costs — FAO

Global food prices surged to an 18-month high in October, driven primarily by a sharp rise in vegetable oil costs, according to the Food and Agriculture Organization (FAO) on Friday. The FAO Food Price Index, which monitors changes in international prices of key food commodities, climbed to 127.4 points—up 2% from September levels.

The increase marks the highest point since April 2023 but remains 20.5% lower than the record high in March 2022, following disruptions from Russia’s invasion of Ukraine. The rise was fueled by a 7.3% jump in vegetable oil prices, reaching a two-year high due to production declines. Other commodities, including sugar, dairy, and cereals, also saw price increases of 2.6%, 2.5%, and 0.8%, respectively, while meat prices dropped slightly by 0.3%.

The FAO, a United Nations agency, highlighted these fluctuations as part of its monthly report.