World Food Price Index Falls for First Time in a Month; Sugar Prices Surge 6.6%

The United Nations Food and Agriculture Organization's (FAO) Food Price Index fell for the first time in a month. Prices for cereals, meat and dairy products declined, while sugar prices rose sharply.

Yonhap News Agency

According to the Ministry of Agriculture, Food and Rural Affairs on November 7, the FAO Food Price Index for October stood at 133.9 points, down 1.2% from 135.6 points the previous month. However, it was 5.9% higher than in the same month a year earlier.

By category, the cereal price index fell 4.5% from the previous month to 116.8 points. Factors included weak international demand, improved production prospects in Argentina, and expectations of easier export conditions in the Black Sea region. Meat and dairy prices also fell 1.2% and 1.1%, respectively.

In contrast, the sugar price index rose 6.6% from the previous month to 121.3 points. Rainfall in south-central Brazil disrupted sugarcane harvesting, while lower production forecasts for India, the European Union (EU) and Thailand also pushed prices higher. Vegetable oil prices rose 0.3% as well.

Meanwhile, the FAO forecast global cereal production for 2026/27 at 2.9995 billion tonnes, down 1.7% from the previous year. It projected consumption at 2.9714 billion tonnes, up 0.2%.

According to the Ministry of Agriculture, Food and Rural Affairs, domestic consumer prices for agricultural and livestock products fell 2.6% in October from the same month a year earlier. The ministry plans to check supply and demand for key kimchi-making ingredients, including napa cabbage and radishes, ahead of the kimchi-making season and take proactive steps to manage them.

This content was produced with the assistance of AI translation services.