Global food prices reach 18-month high, driven by steep increases in vegetable oils and beef.

Global food prices hit an 18-month high in October, with the FAO reporting a 2% increase in its Food Price Index, driven by a 24% surge in vegetable oil costs. Palm oil prices are expected to rise further due to supply constraints, and beef prices have increased due to U.S. droughts. Sugar, coffee, and cocoa markets also face higher uncertainty due to weather and disease impacts.

December 05, 2024
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