Food prices reached a 19-month high in November. According to data from the Food and Agriculture Organization (FAO) of the United Nations, this increase has been due to the increase in vegetable oil prices in November 2024. According to FAO data, the Food Price Index averaged 127.5 points in November, which is 0.5% higher than the October level. At the same time, it is 5.7% higher than the same period a year ago. This index is at its highest level since April 2023. Vegetable oil prices increased by 7.5% Vegetable oil prices increased by 7.5% compared to the previous month. This is the fastest increase in any one month since July 2022. This increase has been due to the increase in the prices of palm oil, rapeseed, soybean and sunflower oil. During this period, the prices of butter and cheese along with dairy milk powder have also increased by 0.6%. Grain prices fell by 2.7% According to FAO, grain prices fell by 2.7% in November. Global wheat prices fell due to increased supply and improved crop conditions from major wheat exporting countries around the world. While corn prices remained stable. Because generally favorable weather in South America balanced strong demand in Brazil and Mexico. Meat prices increased by 5.9% compared to last year. While meat prices fell by 0.8% on a monthly basis, but increased by 5.9% compared to a year ago. Pork prices fell due to high supply and low demand. However, eggs and chicken also saw a slight decline. After rising for two consecutive months, sugar prices fell by 2.4% compared to October and 21.7% compared to November last year. ———————————– Also read this news related to food items and retail inflation… Retail inflation increased to 6.21% in October: This is the highest in 14 months; Prices of vegetables, fruits and meat increased. Retail inflation has risen to 6.21% in October due to the increase in the prices of food items. This is the highest level of inflation in 14 months. Inflation was 6.83% in August 2023. At the same time, a month before October, in September, this rate had reached 5.49% due to the increase in the prices of vegetables. Food items contribute about 50% to the inflation basket. Its inflation has increased from 9.24% to 10.87% on a month-on-month basis. At the same time, rural inflation has increased from 5.87% to 6.68% and urban inflation has increased from 5.05% to 5.62%. Click here to read the full news…
