MySheen

Global food prices hit the biggest month-on-month increase in three years

Published: 2024-11-06 Author: mysheen
Last Updated: 2024/11/06, The strongest El Niño phenomenon in a century has finally begun to show its power in the market, with global food prices hitting their biggest rise in three years in October. According to the latest data released by the Food and Agriculture Organization of the United Nations, the global food price index rose by 4% month-on-month in October this year. This means

The "strongest El Ni ñ o in a century" finally began to show its power in the market, with global food prices rising the most in three years in October. According to the latest data released by the Food and Agriculture Organization of the United Nations, the global food price index rose by 4% month-on-month in October. Among the sub-indices of the index, the sugar price index rose 17.2% compared with September because of torrential rains in Brazil's main sugar-producing areas. International soybean oil prices also rose, mainly due to market concerns about the weather that prevented soybeans from sowing in some major producing areas. Some analysts said that agricultural stocks in major countries are still high, and from the medium-and long-term trend, agricultural prices as a whole is still in a downward trend.

 
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