The benchmark index for world food prices registered a monthly drop of 0.5% in October compared to September, in a period in which only dairy products showed an increase, according to the assessment released last week by the Food and Agriculture Organization of the United Nations (FAO)..

The FAO Price Index, which tracks monthly changes in the international prices of food commodities on the world market, recorded an average of 120.6 points in October, a fall of 10.9% compared to the same period in 2022.

In disaggregated terms, the study indicates that the cost of cereals fell by 1.0% compared to September, with the price of rice falling by 2%, and wheat slowing down by 1.9%, influenced by the strong supply from the United States of America and strong competition between exporters.

On the other hand, vegetable oils fell in cost by 0.7% compared to September, reflecting "seasonally higher production and weak global import demand", with the exception of soybean oil, which rose "due to robust demand from the biodiesel sector".

"The FAO Sugar Price Index decreased by 2.2%, but remained 46.6% above the previous year's level. October's decline was mainly driven by a strong pace of production in Brazil, although concerns about a tighter world supply outlook next year limited the fall," says the FAO, quoted by Terra magazine.

As far as meat is concerned, the index shows that there was a slight reduction of around 0.6%, influenced by weak demand for imports, especially from East Asia.