The high rates of food-price inflation appear to be ending.
The benchmark for world food commodity prices was broadly stable in October, with rising cereal prices more than offset by declines in for other staples, the Food and Agriculture Organization of the United Nations (FAO) has reported.
The FAO Food Price Index averaged 135.9 points during the month of October, just a fraction below its level in September.
With the latest update, the index stood 14.9 per cent down from its all-time high recorded in March, but two per cent higher than October 2021.
The FAO Dairy Price Index dropped by 1.7 per cent with the prices of all dairy products covered down since September. Lower than anticipated purchases by China, lacklustre import demand and the weakening of the Euro against the United States dollar underpinned the drop in October.
The FAO Meat Price Index was down by 1.4 per cent in October compared to September, with international sheep, goat, pig, bovine and poultry meat prices all declining on broadly subdued global import demand and increasing exportable supplies.
