Athvisions | E+ | Getty ImagesGlobal food prices recently rose to an 18-month high, with some food baskets expected to continue climbing, according to market watchers.
In October, world food commodity prices were at their highest since April 2023, according to the most recent data compiled by the United Nations' Food and Agriculture Organization.
The FAO Food Price Index, which monitors the prices of five food baskets: grains, meat, dairy, vegetable oils and sugar, rose by 2% in October, driven primarily by a surge in vegetable oil prices.
The index measures raw commodity prices rather than retail costs, but the increase suggests that higher food prices may continue to affect consumers.
While coffee and cocoa prices are not reflected in the FAO index, prices of the two commodities face the "most risk," said Biggin.
Persons:
Cheang Kang Wei, Cheang, Stephen Nicholson, Patrick T, Fallon, Matthew Biggin, Cindy Ord, Cote
Organizations:
Getty, United Nations, Food, Agriculture Organization, FAO Food Price, CNBC, Fitch Solutions, BMI, Beef, Rabobank, AFP, Feeder, Chicago Mercantile Exchange, Agriculture, Horticulture Development, FAO, ICE, Cote D'Ivoire, U.S . Intercontinental Exchange, Citi
Locations:
El, Indonesia, U.S, Redondo Beach , California, FactSet, Brazil, West Africa