Global food prices are at their lowest level in two and a half years, and in Turkey they have been rising continuously for 38 months.

Global food prices fell in October to their lowest level since March 2021, due to falling prices for sugar, cereals, vegetable oils and meat.

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 from 121.3 in September to 120.6 in October.

Thus, the index with respect to the previous month 0.5 percent, It decreased 10.9 percent compared to the same month last year.

The only index that increased was that of dairy products.

PRICES DECREASE IN GRAINS, MEAT, OIL AND SUGAR

FAO Cereal Price Index It decreased 1 percent compared to the previous month.

It was stated that international rice prices decreased by 2 percent and wheat prices decreased by 1.9 percent due to strong supply in the US.

The decline in October was stated to be mainly due to the strong pace of production in Brazil. However, concerns about next year limited this decline.

FAO Meat Price Index In the same period it decreased by 0.6 percent.

FAO Vegetable Oil Price Index, In October it fell 0.7 percent monthly due to high seasonal production and decreased global import demand.

FAO Sugar Price Index It decreased 2.2 percent but remained 46.6 percent above the same level a year earlier. October’s decline was mainly due to a strong production pace in Brazil, but concerns about a tighter global supply outlook next year limited this decline.

PRICES INCREASED ONLY IN DAIRY IN OCTOBER

FAO Dairy Price Index In an opposite trend, it rose 2.2 percent in October, ending a nine-month decline.

Global milk powder prices rose the most, driven by increased import demand for short- and long-term supplies, as well as some uncertainty about the impact of El Niño weather conditions in the coming season. milk production in Oceania.

IT HAS INCREASED CONSTANTLY FOR 38 MONTHS IN Türkiye

On the other hand, while global food prices continue to fall, they are constantly increasing in Turkey.

According to October 2023 inflation data announced today by the Turkish Statistical Institute (TUIK), food inflation was 72 percent annually and 3.20 percent monthly.

This means that food prices in Turkey have increased continuously for 38 months since August 2020.

In addition, the series of CPI increases moved to the 58th month starting in October. In other words, consumer prices and food prices in Turkey have increased continuously for 58 months.