In October, the FAO reported a 0.5 percent decline in the world food commodity price benchmark, with the Dairy Price Index being the only one to rise.
The FAO Food Price Index averaged 120.6 points, down 10.9 percent from a year earlier. Notable declines include the Cereal Price Index (1.0 percent), Vegetable Oil Price Index (0.7 percent), Sugar Price Index (2.2 percent), and Meat Price Index (0.6 percent). However, the Dairy Price Index rose by 2.2 percent, ending a nine-month decline, attributed to increased demand and uncertainty over El Niño's impact on Oceania's milk production.
Regarding global cereal stocks, the world cereal production forecast for 2023 remains at a record high of 2,819 million tonnes. While conflicts persist, influencing food insecurity, moderating international food prices are offset by weak currencies in many low-income countries. The report highlights 46 countries, including 33 in Africa, needing external assistance for food. The Gaza Strip faces acute food insecurity, and conflicts may worsen food insecurity in Lebanon.
World cereal production is expected to grow by 0.9 percent in 2023, but Low-Income Food Deficit Countries (LIFDCs) will experience slower growth. The report offers detailed insights into food insecurity, price trends, and regional cereal production and trade prospects.