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World food prices hit new 10-year high in October -FAO -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A worker brings a bag of rice from Hanoi to the store on November 26th 2013. Vietnam was the most affordable country to provide 500,000 tonnes of rice for the Philippines. It beat Thailand’s price offer for grain to increase stocks due to Typhoon Haiyan.

PARIS (Reuters), – October was a record month for world food prices. They reached a 10-year high thanks to increases in cereals, vegetable oils, and other factors, according to the UN Food agency.

Food and Agriculture Organization’s Food Price Index (FAO), which monitors international prices for most commonly traded food commodities, was at 133.2 last month, as compared to an adjusted 129.2 in September.

The previous September number was 130.0.

This was the best October reading since July 2011, when the index had been at its highest level. The index rose 31.3% year-on-year in October.

The strong demand and harvest setbacks have driven a steep rise in agricultural commodity prices over the last year.

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