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FAO World Food Price Index for October

 11/10/2022

The Food and Agriculture Organization (FAO) of the United Nations released the October Food Price Index on November 4th.  The Index for October averaged 135.9 points, below the 136.3 points for September and 138 points in August.  The October Index is 14.9 percent below the record March 2022 high of 156.2.

 

The FAO Food Price Index comprises five components.  Excluding sugar, these comprise: -

 

  • The Cereal Price Index averaged 147.9 points for October compared to 152.3 for the previous month.  The decline was attributed to wheat price with higher supplies from Canada coupled with resumption of exports from Ukraine through the Black Sea.  U.S. wheat output was lower in October as a result of drought.
  • The Vegetable Oil Price Index in October rose 152.6 compared to 150.1 for the previous month.  Higher prices were recorded for sunflower and rapeseed oils offset by lower prices for palm oil.
  • The Meat Price Index rose from 118.4 points in September to 120.1 in October.
  • The Dairy Price Index averaged 142.6 compared to 140.1 for September.  Milk production was lower in Western Europe and demand was generally weaker, especially from China.

 

Historically, the annual FAO Food Price Index has almost doubled from 2005 (67 points) through 2010 (107 points); 2015 (93 points); 2020 (98 points); 2021 (125 points).  The August Index was 138.0 points, September 136.3 points, and October 135.9 points.