Food prices hit a 19-month high in November. According to data from the Food and Agriculture Organization (FAO) of the United Nations, this increase is due to the increase in vegetable oil prices in November 2024.
According to FAO data, the food price index averaged 127.5 points in November, which is 0.5% higher than October's level. At the same time, it is 5.7% higher than the same period a year ago. The index is at its highest level since April 2023.
7.5 percent increase in vegetable oil prices Vegetable oil prices increased by 7.5% over the previous month. This is the fastest increase in a month since July 2022. This increase is due to increase in prices of palm oil, rapeseed, soya and sunflower oil. Along with butter and cheese, prices of dairy milk powder also increased by 0.6% during this period.
2.7% drop in foodgrain prices According to the FAO, grain prices fell by 2.7% in November. Global wheat prices have declined due to increased supply from major wheat exporting countries and improved crop conditions across the globe. While the price of corn remained stable. Because, generally favorable weather in South America balances strong demand in Brazil and Mexico.
Meat prices increased by 5.9% compared to last year At the same time, meat prices decreased by 0.8% on a monthly basis, but increased by 5.9% compared to a year ago. Pork prices fell due to oversupply and low demand.
However, there was also a slight decrease in eggs and chicken. After rising for two consecutive months, sugar prices fell by 2.4% compared to October and 21.7% compared to November last year.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
