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The United Nations Food and Agriculture Organization has reported its Food Price Index, which tracks the international prices of a basket of food, found that in October, the cost of a basket of food was up 3% from September.
The FAO Cereal Price Index increased 3.2% in October from the previous month, while the price of wheat rose by 5% amid reduced harvests from major exporters of wheat that include Canada, Russia and the United States. The FAO also recorded the international prices of other major cereals have increased.
Meanwhile, the U.N. agency said the price of vegetable oil hit an “all-time high” increase of 9.6% in October, marking a fourth consecutive month of price hikes. The FAO said the rising vegetable oil price was “largely underpinned by persisting concerns over subdued output in Malaysia due to ongoing migrant labor shortages.”
Dairy prices rose by 2.5%, while the price of meat fell by 0.7%, “marking the third monthly decline.”
Some information from The Associated Press and Reuters was used in this report.