The United Nations' world food price index rose to 127.5 points in November, the highest in 19 months, driven by surging vegetable oil prices due to decreased palm oil output.
Vegetable oil prices surged by 7.5% over the month and 32% year-on-year, primarily due to concerns over lower palm oil production in Southeast Asia resulting from excessive rainfall.
Despite a 2.7% drop in cereal prices driven by weaker wheat and rice prices, the FAO noted that global cereal utilisation is set to increase, indicating ongoing consumption trends.
FAO forecasts global cereal production will decline slightly to 2.841 billion metric tons in 2024 but remains the second largest output on record, with a comfortable supplies ratio.
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