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FAO: global food prices increase for first time in 5 months

CNC
Added On November 9, 2019

The United Nations Food and Agriculture Organization, or FAO, says global food prices have increased for the first time in five months.
 
Economy Report has the details.
 
According to the FAO, in October global food prices reversed a five-month trend by increasing on a monthly and annual basis.
 
The "FAO Food Price Index" averaged 172.7 points in October -- 1.7 percent up on September and 6 percent higher than in October 2018.
 
The "FAO Cereal Price Index" rose by 4.2 percent last month, as wheat and maize export prices moved up sharply on the back of reduced crop prospects in several major producing countries.
 
Sugar and meat both saw prices increase compared with September.
 
Meanwhile, prices for rice dropped due to subdued demand and prospects of an abundant basmati harvest.
 
October also saw dairy prices drop by 0.7 percent from September, marking the second consecutive month of decline, but they were still up 5.6 percent compared to October 2018.
 
In another report, the FAO lowered its forecast for global cereal production in 2019 by more than 2 million tons, and global wheat production by almost one million tons. Still, the outputs are expected to be 1.9 percent and 4.5 percent higher than those in 2018 respectively.