Global food prices post the biggest month-on-month rise in three years
The strongest El Nino in a century has finally begun to show its power in the market, with global food prices in October posting their biggest rise in three years. According to the latest data released by the UN Food and Agriculture Organization, the global food price index rose 4% month-on-month in October. In this index
The "strongest in a century" El Nino has finally begun to show its power in the market, with global food prices in October posting their biggest rise in three years. According to the latest data released by the UN Food and Agriculture Organization, the global food price index rose 4% month-on-month in October. Among the sub-indices of this index, the sugar price index rose 17.2% compared with September, because Brazil's main sugar-producing region was hit by heavy rain. International soybean oil prices also rose, mainly because the market worried that weather conditions would hinder soybean planting in some major producing areas. Some analysts said that agricultural product inventories in major countries remain high, and that from a medium- and long-term trend perspective, agricultural product prices as a whole are still in a downward trend.