The U.N.’s Food and Agriculture Organization’s Food Price Index edged lower to 121.5 in September, the lowest level since March 2021. That index was down slightly from 121.6 in August. Prices for vegetable oils were down 3.9 percent, a second decline due to lower prices across palm, sunflower, soy, and rapeseed oils.
Dairy prices dropped 2.3 percent, a ninth consecutive fall. Meat costs dropped one percent, led by a drop in pork amid weak export demand from China and ample global export availabilities. Cereal costs increased one percent, including a 5.3 percent rise in coarse grain prices, led by a seven percent climb in maize prices. Also, sugar prices soared 9.8 percent to reach a high last seen in November 2010. The rise in sugar prices came from increasing concerns over a tighter global supply outlook in the upcoming 2023-2024 season and forecasts of increased production declines in Thailand and India.