World Food Prices Drop in September

The United Nations’ Food and Agriculture Organization says food prices dropped 1.1% from August to September, marking the 6th straight monthly decline.  The drop in the Food Price Index was driven by a sharp fall in the international prices of vegetable oils and moderate decreases in those of sugar, meat, and dairy products.

Together, that more than offset a rebound in the cereal price index, which averaged 147.8 points in September, a 1.5% rise from August.  The Vegetable Oil Price Index averaged 152.6 points in September, down more than six percent from August month-on-month and the lowest level since February 2021.  The Dairy Price Index averaged 142.5 points, down a half-percent from August and the third-consecutive monthly decline.  However, that was still almost 8% higher than the same time last year.

The Sugar Price Index was 109.7 points, down 0.7% and its lowest level since July 2021.

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