Hey food lovers 🌍🍽️, September served up a sweet surprise: global food prices took a little dip thanks to sugar and dairy sliding down the charts. According to the UN’s Food and Agriculture Organization (FAO), the Food Price Index averaged 128.8 points last month, down from August’s 129.7.
Despite a 3.4% jump compared to last September, prices are still nearly 20% below the record highs hit in March 2022 following the Russia-Ukraine conflict.
🍬 Sugar prices at their lowest since March 2021
Strong harvests in Brazil, India, and Thailand drove FAO’s sugar index down 4.1%, marking the lowest level in over two years. Sweet victory for shoppers! 🍭
🧈 Dairy cools off
Butter production in Oceania boosted supply, causing the dairy price index to slip 2.6%. More buttery toast for breakfast? Yes, please!
🌾 Cereals & oils mix it up
Wheat prices dropped for the third month in a row amid large harvests and soft demand. Maize eased too after Argentina suspended export taxes. Rice saw a small decline as orders from the Philippines and parts of Africa slowed. Vegetable oils dipped 0.7%, with palm and soybean down but sunflower and rapeseed pushing back up.
🥩 Meat prices sizzle at record highs
The meat price index climbed 0.7% to a new peak, led by beef and sheep meat. Strong U.S. demand and tight local supply sent beef prices soaring. Time for a barbecue budget check! 💸
📈 What’s next? Bigger harvests ahead
FAO raised its 2025 cereal production forecast to 2.971 billion tons, up 3.8% from 2024. Thanks to healthy prospects for wheat, maize, and rice, the global pantry may get a boost next year.
Reference(s):
cgtn.com
