Global vegetable oil prices rose 7.5% in November, FAO says

Global vegetable oil prices rose 7.5 per cent in November from the previous month to reach their highest level since July 2022, according to the Food Price Index compiled by the Food and Agriculture Organization of the United Nations (FAO). This increase was driven by higher quotations for palm, rapeseed, soybean and sunflower oils. International palm oil prices rose for the sixth consecutive month and remained at a premium to alternative oils, due to persistent concerns about lower-than-expected global production due to excessive rainfall in South-East Asia. Meanwhile, global soybean oil prices also continued to rise, mainly due to high global import demand. Similarly, rapeseed and sunflower oil prices rose, reflecting prospects for reduced global supply in their respective markets. FAO World Prices The FAO Food Price Index averaged 127.5 points in November 2024, 0.5 percent above its October level, reaching its highest value since April 2023. The increase was driven by ...