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World food prices hit new 10-year high in October -FAO

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PARIS (Reuters) – World food prices rose for a third straight month in October to reach a fresh 10-year peak, led again by increases in cereals and vegetable oils, the UN food agency said on Thursday.

The Food and Agriculture Organization’s (FAO) food price index, which tracks international prices of the most globally traded food commodities, averaged 133.2 points last month compared with a revised 129.2 for September.

The September figure was previously given as 130.0.

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The October reading was the highest for the index since July 2011. On a year-on-year basis, the index was up 31.3% in October.

Agricultural commodity prices have risen steeply in the past year, driven by harvest setbacks and strong demand.

Reporting by Gus Trompiz; Editing by Nick Macfie

Source - World food prices hit new 10-year high in October -FAO

(C) Thompson-Reuters