The Food and Agriculture Organization of Nigeria, FAO is saying that global food prices have risen in October to the highest level in 18 months, with a sharp increase in the cost of vegetable oil.
The FAO Food Price Index which tracks monthly changes in international prices of a basket of food commodities reached 127.4 points last month, a two-percent increase from September.
It was the highest since April 2023 but still 20.5 percent lower than the peak reached in March 2022 following Russia’s invasion of agricultural powerhouse Ukraine.
Vegetable oil prices increased in October, reaching a two year high due to lower production, sugar prices rose 2.6 percent, diary was up to 2.5 percent and cereals gained 0.8 percent from the previous month.
-9News Nigeria.
