World food prices rose for the third straight month in October and hit a new 10-year high, led by increases in cereals and vegetable oils, the UN food agency said on Thursday.
The Food and Agriculture Organization’s (FAO) food price index, which tracks international prices of the most traded food commodities globally, averaged 133.2 points last month, compared to September’s revised 129.2.
The September figure was previously given as 130.0. The October reading was the highest for the index since July 2011. On a year-on-year basis, the index was up 31.3% in October.
Agricultural commodity prices have risen sharply over the past year, driven by crop shocks and strong demand.
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