The FAO Food Price Index, which tracks monthly changes in the international prices of a basket of globally-traded food commodities, averaged 125.1 points in November, down 1.2 percent from its revised October level. The index has now declined for three consecutive months, standing 2.1 percent below its November 2024 level and 21.9 percent lower than its peak in March 2022.

The FAO Cereal Price Index increased by 1.3 percent during the month. Despite a generally comfortable global supply outlook and reports of good harvests in Argentina and Australia, global wheat prices rose by 2.5 percent in November, supported by potential Chinese interest in supplies from the United States of America, continuing hostilities in the Black Sea region, and expectations of reduced plantings for the 2026 harvest in the Russian Federation.

The FAO Vegetable Oil Price Index fell by 2.6 percent from October, as declines in palm, rapeseed and sunflower oil quotations more than offset a modest increase in soyoil prices, which were supported by strong demand from the biodiesel sector, particularly in Brazil.

The FAO Meat Price Index edged down 0.8 percent from its revised October level. Global poultry meat prices decreased amid abundant exportable supplies and heightened global competition, partly reflecting Brazil’s efforts to regain market share following the lifting of high-pathogenicity avian influenza-related trade bans by key importers.

The FAO Dairy Price Index declined by 3.1 percent in November, led by lower quotations for butter and whole milk powder. The decrease reflected rising milk production and abundant export supplies in major producing regions.

The FAO Sugar Price Index declined by 5.9 percent from October, driven by expectations of ample global supplies in the current season and strong production trends in Brazil, India and Thailand.

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