Global Food Prices Reach Highest Level in 19 Months
Global food prices hit a 19-month high in November, driven by rising vegetable oil costs, according to the U.N. Food and Agriculture Organization (FAO). The FAO’s price index climbed to 127.5 points, up from 126.9 in October, with vegetable oil prices increasing 7.5% due to reduced palm oil output from heavy rains in Southeast Asia. Other oils, like soy and sunflower, also saw higher demand.
While vegetable oil prices surged, cereal and sugar prices declined. Wheat and rice prices dropped 2.7%, and sugar fell 2.4% as concerns over crop yields in Brazil eased. The FAO adjusted its 2024 global cereal production forecast to 2.841 billion tons, a slight decline from earlier estimates but still a near-record level.
Despite these shifts, global cereal use is expected to grow, keeping supplies stable. The FAO predicts a slight dip in the cereal stock-to-use ratio but says global food reserves remain at "comfortable levels."
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