Global food prices fell 1.2% in October compared with the revised September figure, according to the monthly report by the FAO (the UN Food and Agriculture Organization).
The FAO Food Price Index stood at 133.9 points in October, down 1.6 points from the revised September figure. The index was 5.9% higher than in October 2025 but 16.4% below the peak reached in March 2022.
The cereal price index fell by 4.5% compared with September. In particular, global wheat prices declined after rising for the previous four consecutive months, reflecting lower international demand and improved harvest forecasts, particularly in Argentina.
Global corn prices, which reached a three-year high in September, also fell in October amid expectations of a good harvest in the U.S. and ample supply from major exporters in South America, as well as hopes for a reduction in tensions in the Black Sea region, the report states.
Meanwhile, the sub-index for all types of rice rose by 1.6% due to delayed harvests in several major exporting countries and challenging weather conditions.
The vegetable oil price index in October was 0.3% higher than in September, as rising prices for soybean and sunflower oil fully offset the decline in rapeseed oil prices. Global soybean oil prices reached their highest level since late 2022 due to strong demand for raw materials used in biofuel production and a seasonal decline in supplies from South America.
The meat price index fell by 1.2% in October. This was driven by weaker prices for pork, lamb, and beef, while poultry prices remained generally stable.
The dairy price index last month was 1.1% lower than in September, largely due to lower prices for butter and cheese, while milk powder prices continued to rise.
The sugar price index rose for the fourth consecutive month and reached its highest level since December 2024. The increase compared to September was 6.6%, and compared to October 2025, it was 28.8%. The increase is mainly due to difficulties with the sugarcane harvest and processing caused by heavy rains in Brazil’s key sugarcane-growing region, as well as concerns about sugar production in India, the EU, and Thailand during the 2026–27 agricultural year, the report notes.
The FAO Food Price Index is a weighted average that tracks changes in international prices for five major food commodity groups.
In addition, the FAO raised its forecast for global grain production in 2026 to 2.999 billion metric tons from the previously expected 2.979 billion metric tons. At the same time, the figure is expected to be lower than the all-time high recorded a year earlier.
Production is expected to decline across all major grain crops, with the drop in rice production (by 2.5%, to 552 million metric tons) potentially marking the first decline in four years.
The organization expects global grain stocks to rise by 1.8%, or 17.2 million metric tons, driven by increased wheat stocks in Russia and Ukraine, where export disruptions are occurring.
According to the FAO forecast, global grain trade will decline by 3.3% to 507.7 million metric tons in the 2026–27 agricultural year.
