The FAO report noted that “declines in the price indices for cereals, dairy products, meat and sugar outweighed increases in the price index for vegetable oils.”
Thus, in October, the CPI for cereals decreased by 9.5%, including rice – by 2.5%, coarse grains – by 1.1%, wheat – by 1%. The downward pressure on prices was partially offset by reports of a lower corn harvest in the European Union and the USA.
October CPI for meat was down 2% from September’s reading. After a prolonged (eight-month) increase, the decline in the price index for this product category was driven by a sharp drop in pork and poultry prices. In the balance of the overall CPI for meat, this decrease was partially offset by an increase in the price of beef.
The average CPI value for dairy products decreased by 3.4% – this process continues for the third month in a row. At the same time, the sub-index of prices for butter decreased by 6.5%, whole milk powder – 6%, skimmed milk powder – 4%, cheese – 1.5%.
The CPI for sugar in October compared to September decreased by 5.3% – a decrease for the second month in a row.
Finally, the CPI for vegetable oils increased by 0.9% in October. Moreover, stock exchange quotations for all major types of oils – palm, rapeseed, soybean and sunflower (mainly due to the reduction in supplies from the Black Sea region) – increased.
