World food prices reach 19-month high in November, UN says

– The United Nations’ global food price index rose to its highest level since April 2023 in November, recording its biggest gain in 19 months due to rising vegetable oil prices, data showed. And the figures were revealed on Friday. And the Agriculture Organization (FAO), which tracks the world’s most traded food grains, rose to 127.5 points in October from a revised 126.9 last month., a 19-month high and up 5.7 percent from a year ago. The vegetable oil index rose 7.5 percent from a month ago and 32 percent from a year ago, on fears of lower-than-expected palm yields due to excessive rains in Southeast Asia. Increase in production. Strong global import demand boosted crude oil prices, while rapeseed and sunflower oils also rose.A Other food price indexes fell, with cereal prices down 2.7 percent from October on weaker wheat and rice prices, while sugar prices fell 2.4 percent from October as crushing began in India and Thailand and Concerns over Brazil’s crop prospects eased. Production in 2024 is projected to be 2.841 billion metric tons from 2.848 billion metric tons, down 0.6 percent from last year but still the second largest on record.