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The benchmark for world food commodity prices rose in November to its highest level since April 2023, increasing by 0.5 per cent from October, driven by surging international vegetable oil quotations, the Food and Agriculture Organization of the United Nations (FAO) reported.
The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally traded food commodities, averaged 127.5 points in November, up 5.7 per cent from a year ago while still 20.4 per cent below its March 2022 peak.
The FAO Vegetable Oil Price Index increased by 7.5 per cent in November from October, marking its second-largest increase in two months and 32 per cent higher than its year-earlier level. Global palm oil prices climbed further amid concerns about lower-than-expected output due to excessive rainfall in Southeast Asia. World soy oil prices rose on global import demand, while rapeseed and sunflower oil quotations increased as tightening global supply prospects affected their respective markets.
The FAO Dairy Price Index maintained its upward trajectory in November, increasing by 0.6 per cent from October, driven by rebounding global import demand for whole milk powder. Butter prices reached a new record level amid strong demand and tight inventories in Western Europe, while cheese prices rose due to limited export availabilities.