In October 2021, the average value of the FAO Food Price Index (FPI) was 133.2 points – 3.9 points (3.0 percent) higher than in September and 31.8 points (31.3 percent) higher than in October 2020.
This is reported by ProAgro Group with reference to the Ukrainian Grain Association.
As a result of three consecutive months of growth in October, undex reached its highest level since June 2011. This increase compared to last month’s level is mainly due to rising world prices of vegetable oils and cereals.
Constrained export supplies in world markets, owing to weaker than expected harvests in major exporting countries, especially Canada, the Russian Federation and the United States, continued to drive prices up.
This impact is further exacerbated, in particular by the reduced supply of high-quality wheat in the world, so the most valuable varieties are the ones that are increasing the most.
