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Global food commodity prices dropped in November, driven by declining international prices for most staple foods except cereals, according to the benchmark index released on Friday by the UN Food and Agriculture Organization (FAO).
The FAO Food Price Index, which tracks monthly changes in international prices for a basket of globally traded food commodities, averaged 125.1 points in November, down 1.2% from a revised October figure. This marks the index's third consecutive monthly decline, standing 2.1% below its level in November 2024 and 21.9% below its all-time peak reached in March 2022.
Vegetable oil prices decline: The FAO's Vegetable Oil Price Index fell by 2.6% from October, as declines in prices for palm oil, rapeseed oil and sunflower oil outweighed a slight increase in soybean oil prices, which was supported by strong demand from the biofuel sector, particularly in Brazil.