FAO released the latest Food Price Index today. The report cites slightly higher food prices in September, averaging 216 points. The increase was based mostly on the meat and dairy sectors, with smaller increases in grains. The Index is currently 22 points below its peak of 238 points in February 2011, and nine points below its level of 225 points in September 2011.
The Cereal Price Index rose three points in September. While maize fell, rises in wheat and rice offset that reduction. According to the report, cereals prices are seven percent higher than this time last year, but still four percent below the peak seen in April 2008.
The Meat Price Index rose four points, while the Dairy Price Index rose 12 points. Both increases can be attributed to a combination of strong global demand and higher feed costs.