World food prices rose for a third straight month in October and hit a 10-year peak, reports the United Nations’ food agency.
The index averaged 133.2 points in October compared with a revised 129.2 for September.The September figure was previously given as 130.
The October reading was the highest for the index since July 2011. It is now 13 per cent higher than this time last year.
The FAO's cereal price index rose by 3.2 per cent in October from the previous month. Wheat prices increased by five per cent because "tighter availability in global markets due to reduced harvests in major exporters, especially Canada, the Russian Federation and the United States of America, continued to put upward pressure on prices," the Food and Agriculture Organization (FAO) said.
World vegetable oil prices increased by 9.6 per cent on the month to set a record high, supported by further strength in palm oil prices as labour shortages in Malaysia continued to hamper production, the FAO said.
