Business
Food Prices Skyrocketed To Highest Level In 18 Months – FAO
The Food and Agriculture Organization, FAO, has said global food prices rose in October to their highest level in 18 months.
The organisation said there was a sharp increase in the cost of vegetable oil.
The FAO Food Price Index tracks monthly changes in international prices.
It said the prices of food commodities reached 127.4 points last month, a two-percent increase from September.
This was sald to be the highest since April 2023 but still 20.5 per cent lower than the peak reached in March 2022 following Russia’s invasion of agricultural powerhouse, Ukraine.
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Vegetable oil prices increased by 7.3 per cent in October, reaching a two-year high due to lower production.
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Sugar prices rose 2.6 per cent, dairy was up 2.5 per cent and cereals gained 0.8 per cent.
Meat was the only commodity to fall, down 0.3 percent from the previous month.
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