FAO Food Price Index Edges Down in September as Vegetable Oil Index Falls

The global food commodity price index declined slightly in September, driven by lower sugar and dairy price indices, according to a new report released by the Food and Agriculture Organization of the United Nations (FAO) on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of globally traded food commodities, averaged 128.8 points in September, compared with a revised August level of 129.7 points.

The September reading was 3.4% higher than a year earlier.

The FAO Vegetable Oil Price Index fell by 0.7% in September, as lower palm oil and soybean oil prices more than offset increases in sunflower and rapeseed oil prices.

The declines in palm and soybean oil prices partly reflected strong palm oil stocks in Malaysia and large exportable soybean oil supplies from Argentina.