Global Food Prices Coming Back Down

Oct. 7, 2022
Edible oils showed the sharpest drop.

World food prices are edging back downward after spiking due to the Ukraine war, according to the United Nations’ Food and Agriculture Organization (FAO).

The FAO’s price index, which tracks globally traded food commodities, has receded for the sixth month in a row. It stood at 136.3 points in September, down from 137.9 in August. The high stood at 157.9 in March, immediately after Russia’s invasion of Ukraine.

The biggest factor in the most recent drop was a 6.6% decline in vegetable oil prices. Sugar, dairy and meat were all slightly down also.

Grains were the only commodity that rose consistently, with wheat and rice prices both rising 2.2%, mostly due to unfavorable weather, including widespread flooding in Pakistan.

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