September saw global food commodity prices drop as declines in the sugar and dairy industries offset a new peak for meat prices. The United Nations Food and Agriculture Organization’s Food Price Index, which tracks a basket of internationally traded food commodities, averaged 128.8 points in September, down from a revised 129.7 in August. The index was 3.4 percent higher than the same month last year, though it had fallen about 20 percent from the record level in March 2022 following Russia’s invasion of Ukraine. The fall in the sugar index reflected an improving supply outlook, with higher-than-expected production in Brazil and favorable harvest prospects elsewhere. The dairy index slipped 2.6 percent month on month, driven in turn by a sharp decline in butter prices amid increased production prospects. Elsewhere, the FAO’s meat price indicator rose by another 0.7 percent to a new record high as beef and sheep meat quotations continued higher.
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