Global food prices post highest increases in 18 months

Global food prices rose 3% in September from August, posting the largest increase in the last 18 months, the UN's Food and Agriculture Organization (FAO) said on Friday.

Food prices rose 2.1% year-on-year but were 22.4% below their peak from March 2022, the organization said.

In September, meat prices climbed 0.4% month-on-month, cereal prices 3%, dairy prices 3.8%, vegetable oil prices 4.6%, and sugar prices 10.4%, the FAO said.

It added that the major increase in sugar prices stemmed from concerns over tighter global availabilities in the upcoming 2024-25 season.

"Worsening crop prospects in Brazil, due to prolonged dry weather and fires that damaged sugarcane fields in late August, were the main drivers of the increase in global sugar prices," it added.