Global food prices rise: sugar and meat lead the surge

Tengrinews.kz - In September 2024, the Food and Agriculture Organization (FAO) of the United Nations reported that its food price index reached 124.4 points, marking a 3% increase from August. This is the most significant rise since March 2022, with prices increasing across all product categories, from meat to sugar.

According to the FAO, the grain price index increased by 3%, primarily due to rising global wheat prices, alongside a surge in corn prices.

Vegetable oil prices rose by 4.6%, reaching their highest level since the beginning of 2023. This increase was largely driven by palm and soybean oils, spurred by concerns over reduced production volumes in Southeast Asia and inadequate soybean processing in the United States.

Globally, sugar prices surged by 10.4% in September, influenced by drought and fires in Brazil that damaged sugarcane crops. Additionally, India's decision to allocate more sugarcane for ethanol production may restrict export volumes.

The dairy price index increased by 3.8%, particularly for powdered milk, which continues to see high demand in Asia.

Furthermore, FAO analysts noted that global meat prices averaged a 4.8% rise in September compared to the previous year, with a month-to-month increase of 0.4%. The increase in meat prices was mainly driven by a surge in poultry demand, particularly for Brazilian meat.