According to the FAO, the United Nations food agency, world food prices rose for a third straight month in October to reach a fresh 10-year peak.
This increase, continued to be led by the increase in cereals and vegetable oils prices.
FAO, indeed, averaged 133.2 points last month compared with a revised 129.2 for September (as the September figure was previously given as 130.0).
The October reading was the highest for the index since July 2011.
On a year-on-year basis, the index was up 31.3% in October.
This is a consequence of the agricultural commodity prices have risen steeply in the past year.
The FAO’s cereal price index, indeed, rose by 3.2% in October from the previous month.
That was led by a 5% jump in wheat prices, which climbed for a fifth consecutive month to reach their highest since November 2012.
World vegetable oil prices also jumped 9.6% on the month to set a record high.
In contrast, global sugar prices eased 1.8% in October.
FAO, meantime, cut its projection of global cereal production in 2021, to 2.793 billion tonnes from 2.800 billion estimated a month ago.
Expected world cereal output would still represent a record, but would trail projected demand, leading so to a fall in forecast cereal stocks.
Demand was supported by a raised projection of global cereal trade to a new record, bolstered by increased wheat trade.
