The United Nations Food and Agricultural Organization (FAO) released the September Food Price Index on October 7th.  The Index for September fell 1.1 percent from August to 136.3 points but was still 5.5 percent higher than in September 2021.  The FAO Food Price Index comprises five components. 

Excluding sugar, these comprised: -

• The Cereal Price Index rose 1.5 percent from August, mainly due to higher wheat, following drought in Argentina and the U.S. and uncertainty over shipments from Ukraine through the Black Sea.  Rice was higher due to restriction of exports from India.  Corn prices were generally stable.
• The FAO Dairy Price Index dropped 0.6 percent due, in part, to a weaker Euro compared to the US Dollar. 
• The Meat Price Index declined by 0.5 percent due to high shipments of beef from Brazil.  In contrast. Pork prices rose due to a lower supply within the EU.  Poultry meat prices were fractionally lower. 
• The Vegetable Oil Index decreased by 6.6 percent and was the most significant mover of the FAO Food Price Index.  The decrease was attributed to higher stock levels, especially palm oil coupled with higher exports of soy oil from Argentina and shipments from the Black Sea region.

Historically, the annual FAO Food Price Index has doubled from 2005 at 67 points through 2010 (107 points); 2015, (93); 2020, (98) and 2021, (125).