World food prices dip in October, but remain higher than a year ago

The United Nations Food and Agriculture Organization said its food price index averaged 133.9 points in October, down from a revised 135.6 in September. Monthly declines in cereals, dairy and meat outweighed a small increase in vegetable oils, as weaker import demand weighed on several markets. The index was still 5.9% above its level a year earlier, though 16.4% below its March 2022 peak.

Cereal prices dropped 4.5% from September and were 12.6% lower year on year, with wheat and maize both easing. Sugar moved in the opposite direction, gaining 6.6% for a fourth consecutive monthly increase and reaching its highest level since December 2024; rainfall disrupted harvesting in Brazil, and prices stood 28.8% above a year earlier. Dairy and meat prices fell 1.1% and 1.2%, respectively, while vegetable oils edged up 0.3%.

The report shows differing movements among food commodities, including a sustained rise in sugar alongside lower cereal prices. These changes are relevant to investors tracking food and personal care businesses and sugar producers.