World food prices plummet in seventh month

World food prices fell for the seventh straight month in October, falling 14.9 percent from March’s all-time high.

The World Food Price Index, compiled by the Food and Agriculture Organization of the United Nations (FAO), which tracks monthly changes in the prices of cereals, oilseeds, dairy products, meat and sugar fell to 135.9 in October.

The September Food Price Index, previously announced at 136.3, was also revised to 136.

WAR AND DECREASE IN PRODUCTION INCREASE IN THE PRICE OF WHEAT

Although prices fell across the board, the cereal index rose 3 percent, wheat rose 3.2 percent due to uncertainties over Ukraine’s exports and a downward revision to US production.

On the other hand, the world food price index, which rose to a record level in March with the Russian invasion of Ukraine, also continued its decline in September.

The food price index, which was 136 in September, continued its decline in October, falling back to 135.9.

RISING IN TURKEY FOR 2 YEARS

In Turkey, on the other hand, food prices have been increasing for the last 2 years.

TurkStat announced yesterday that consumer prices rose 85.51 percent year on year in October. Food prices, on the other hand, rose 99.05 percent annually in October.

According to the DİSK-AR report, inflation for the poorest 20 percent income group rose to 146.2 percent in October 2022.

In the statement, it was emphasized that during the 20 years of AKP rule, food prices increased by 10-14 times.