Global food prices fell by 1.2 per cent in October, but sugar continued to rise in price

Global food prices fell by 1.2 per cent in October 2026 compared with September. The main reasons were weaker import demand and lower prices for cereals, dairy products and meat. This was reported by the Food and Agriculture Organisation of the United Nations (FAO).

The FAO Food Price Index stood at 133.9 points in October, down 1.6 points over the month. However, the index remained 5.9 per cent higher than in October last year and 16.4 per cent below the record high reached in March 2022.

Cereals saw the most significant fall in prices. The cereal price index fell by 4.5 per cent. Global wheat prices fell after four months of growth against a backdrop of subdued international demand and improved production forecasts, particularly in Argentina. Maize prices also fell after reaching a three-year high in September.

The meat price index fell by 1.2 per cent, whilst the dairy products index fell by 1.1 per cent. In particular, pork, lamb and beef, as well as butter and cheese, became cheaper.

At the same time, vegetable oil prices rose by 0.3 per cent. Soya oil reached its highest level since the end of 2022 due to sustained demand from the biofuel sector and a seasonal reduction in supply from South America.

The most significant increase was recorded for sugar. Its index rose by 6.6 per cent over the month and by 28.8 per cent year-on-year. This is the highest figure since December 2024. Prices were influenced by rainfall and disruptions to the sugarcane harvest in Brazil, as well as concerns over production in India, the European Union and Thailand.