FX.co ★ World Food Prices Moderate From 2022-Highs

The FAO Food Price Index declined by 1.2% in October 2026, averaging 133.9 points, down from its 2022 high in September. Cereal prices fell by 4.5%, with wheat prices easing on the back of subdued international demand and an improved production outlook, especially in Argentina. Meat prices also decreased by 1.2%, reflecting lower quotations for pig, ovine, and bovine meat, while poultry meat prices were broadly unchanged.

Dairy prices slipped by 1.1%, as declines in international butter and cheese quotations more than offset further increases in milk powder prices. By contrast, vegetable oil prices inched up by 0.3% to reach their highest level since June 2022. The rise was mainly driven by higher soybean and sunflower oil quotations, which more than compensated for lower rapeseed oil prices; palm oil prices were virtually unchanged.

Sugar prices surged by 6.6%, reaching a new high for 2024. The increase was largely attributed to rainfall-related disruptions affecting sugarcane harvesting and crushing operations in Brazil’s key Centre-South producing region.