The global food price index has reversed its three-month upward trend and is now on a decline, influenced by falling prices of wheat and corn.
According to the Ministry of Agriculture, Food and Rural Affairs, the United Nations Food and Agriculture Organization (FAO) reported that the global food price index for October 2026 stood at 133.9, a decrease of 1.2% from the previous month.
The grain price index recorded a drop of 4.5% to 116.8. Wheat prices, which had risen for four consecutive months, have turned downward due to weak international demand and improved production forecasts, particularly in Argentina.
In contrast, the rice price index increased by 1.6% compared to the previous month, driven by delayed harvests in some exporting countries and rising costs.
The meat price index was recorded at 125.5, down 1.2%. Prices for pork, lamb, and beef fell, while poultry prices remained stable.
The dairy price index decreased by 1.1% to 117.8, as prices for butter and cheese declined.
The vegetable oil price index rose by 0.3% to 199.2. Soybean oil prices reached their highest level since late 2022 due to increased demand in the biofuel sector and seasonal supply reductions in South America. Conversely, canola oil prices fell due to seasonal supply increases and weak demand for biodiesel feedstock.
The sugar price index surged by 6.6% to 121.3, marking its highest level since December 2024. Disruptions in harvesting and processing in Brazil's key sugarcane-producing regions were the main factors behind the price increase.
Meanwhile, domestic consumer prices for agricultural and livestock products fell by 2.6% compared to the same month last year. The Ministry of Agriculture plans to monitor the supply situation of key ingredients for kimjang, such as napa cabbage and radishes, as the peak season approaches and will manage supplies proactively.
* This article has been translated by AI.
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