The Food and Agriculture Organization's benchmark index averaged 133.9 points last month, down 1.2 percent from September. It remained 5.9 percent above a year earlier but 16.4 percent below its March 2022 peak of 160.2, reached after Russia invaded Ukraine.
Cereal prices tumbled 4.5 percent to 116.8 points as wheat snapped a four-month rally on sluggish demand and brighter harvest prospects in Argentina. Corn, barley and sorghum also retreated, while rice climbed 1.6 percent on harvest delays and poor weather.
Meat prices slipped 1.2 percent to 125.5 points as pork, mutton and beef cheapened and poultry held steady. Dairy prices fell 1.1 percent to 117.8 points on weaker butter and cheese, though skim milk powder surged on firm import demand and tight supplies.
Vegetable oil prices edged up 0.3 percent to 199.2 points. Soybean oil hit its highest level since late 2022 on biofuel demand and seasonally thinner South American supplies, and sunflower oil rebounded, more than offsetting a drop in rapeseed oil.
Sugar posted the steepest gain, soaring 6.6 percent to 121.3 points, its highest since December 2024 and 28.8 percent above a year earlier.
"The rise was mainly driven by rainfall-related disruptions to sugarcane harvesting and crushing operations" in Brazil's Centre-South region, the FAO said.
AJP Takeaways
The FAO Food Price Index fell 1.2 percent in October 2026 to 133.9 points, its first decline after three monthly gains, South Korea's Ministry of Agriculture, Food and Rural Affairs said on Nov. 7.
Cereal prices dropped 4.5 percent, meat 1.2 percent and dairy 1.1 percent, while vegetable oils rose 0.3 percent and sugar jumped 6.6 percent to its highest level since December 2024.
The index stood 5.9 percent above October 2025 but 16.4 percent below its March 2022 peak of 160.2.
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