In October of this year, most food prices globally decreased compared to the previous month.

Major grain prices have all declined: the wheat price index fell by 1.0%, the coarse grain price index dropped by 1.1%, and the rice price index decreased by 2.5%.

The meat price index fell by 2.0%, mainly driven by sharp declines in pork and poultry prices, although beef prices continued to rise.

The dairy price index dropped by 3.4%, with the main reasons for the price decrease including ample inventory, restricted import demand from various countries, and intense export competition.

The sugar price index fell by 5.3% month-on-month, reaching its lowest level since December 2020, mainly due to strong production trends in Brazil and expected increases in production in Thailand and India.

The vegetable oil price index rose by 0.9% against the trend, reaching its highest level since July 2022. Prices for palm oil, rapeseed oil, soybean oil, and sunflower oil increased due to multiple factors including biofuel policy constraints and delays in the harvesting of oilseed crops in the Black Sea region.