Rome: The FAO said the Food Price Index, which tracks the international prices of a basket of major food commodities, averaged 126.4 points in October, down from 128.5 points in September. The figure is slightly lower than the same period last year and remains about 21.1 percent below the record high reached in March 2022.

After peaking in July, the highest in two years, the index stabilized in August and then began to slide in September, largely due to falling sugar prices. That downward trend continued in October, with the sugar price index dropping 5.3 percent to its lowest level since December 2020. The decline was attributed to strong production in Brazil and expectations of higher output from Thailand and India, coupled with easing crude oil prices.

The dairy price index also fell by 3.4 percent from September, as global prices for powdered milk and butter declined amid increased exports from the European Union and New Zealand. Meanwhile, the meat price index decreased by 2 percent after eight straight months of gains. The vegetable oil price index, however, edged up 0.9 percent, reaching its highest level since July 2022.

In a separate forecast, the FAO projected global grain production for 2025 to hit a record 2.99 billion tons, up from last month’s estimate of 2.971 billion tons, a 4.4 percent increase compared to 2024.