Lang
The Food and Agriculture Organization (FAO) Vegetable Oil Price Index rose by 7.5% in November compared with the previous month, according to the United Nations FAO Food Price Index (FFPI).
The FAO Food Price Index tracks changes in international prices of the most important globally traded food commodities, while the FAO Vegetable Oil Price Index tracks changes in international prices of the ten most important vegetable oils in global trade, weighted by their export share.
The Vegetable Oil Price Index averaged 164.1 points in November, up 11.4 points month on month, reaching its highest level since July 2022, according to a report issued on December 6.
The report said the increase in the vegetable oil index in November was driven by higher prices for palm, rapeseed, soybean, and sunflower oils.
International palm oil prices rose for the sixth consecutive month, maintaining a premium over alternative oils amid continuing concerns over lower-than-expected global production caused by heavy rainfall in Southeast Asia.
FAO said soybean oil prices also continued to rise, driven by strong global import demand.
The report added that rapeseed and sunflower oil prices also increased, reflecting expectations of tighter global supplies in their respective markets.
At the same time, the FAO Food Price Index averaged 127.5 points in November, up 0.5% from October and reaching its highest value since April 2023.
The rise was driven by higher dairy and vegetable oil prices, which slightly offset declines in meat, cereal, and sugar prices.
Compared with historical levels, the November Food Price Index was 5.7% higher than a year earlier, but remained 20.4% below its March 2022 peak of 160.2 points.