Global Food Price Index Rose by 1.5% in September

Global food prices continued to rise in September. The average value of the index calculated by analysts at the Food and Agriculture Organization of the United Nations (FAO) stood at 136 points. This was 2 points, or 1.5%, higher than the August level. The corresponding data were published by FAO.

During the month, price increases were recorded across all major commodity groups of crop products — cereals, vegetable oils and sugar. At the same time, the meat price index declined, while dairy product prices remained stable on average.

The most notable movement was observed in the grain market. The average value of the cereal price index reached 122.8 points in September, increasing by 6 points, or 5.1%, compared with August.

Global wheat prices rose by 6.3% over the month and reached their highest level since August 2023. However, prices declined somewhat toward the end of September.

The main factor behind the increase was logistical difficulties in the Black Sea region, which prompted importers to shift toward alternative suppliers. Dry weather conditions in some parts of North America ahead of winter crop planting also provided additional support to wheat prices.

Prices also continued to rise in the global corn market. In September, corn prices increased by 5.6% compared with the previous month, reaching their highest level in more than three years.

The increase came amid expectations of tighter supply. In particular, corn yields in the United States are forecast to be lower than previously expected, while export availability from Brazil has also declined.

The average value of the vegetable oil price index stood at 198.6 points in September. Compared with August, the index increased by 1.8 points, or 0.9%.

The increase was mainly driven by higher global palm oil prices, which fully offset the decline in sunflower oil quotations.

Meanwhile, soybean and rapeseed oil prices remained virtually unchanged throughout September.