Veg Plate expensive due to increase in the price of edible oils in the global market

New Delhi| Due to the rise in the prices of edible oils, there has been a significant jump of 7.3 percent in the food prices in the global market in October and beyond. Because of this, the global food index reached its highest level in the last 18 months. This information has been given by the United Nations Food and Agriculture Organization (FAO) in a report.

FAO’s Food Price Index shares the fluctuations in food prices every month at the international level. According to the report, in October 2024, the food price index increased by two percent against the month of September, reaching 127.4. A significant jump was also seen in the prices of food products in October. Only meat prices have fallen. During this period the edible oil price index reached an average of 152.7 points. This is 5.5 per cent more than in October last year. This increase in prices is mainly due to rising prices of palm, soya, sunflower and rapeseed oils. Palm oil prices increased for the fifth consecutive month. The main reason for rising palm oil prices is lower than expected production in Southeast Asia. Malaysia, Indonesia are its main producers.

According to the report, the dairy price index also reached 139.1 points during this period, which is 1.9 percent more than in September. Compared to the month of October last year, it is 21.4 percent more. This increase was especially due to the increase in the prices of cheese and butter in the global market. The reason for this is the seasonal decline in milk production in the European Union. Butter prices have seen a jump for the 13th consecutive month.

Because of India, the rice price index has fallen by 5.6 per cent. The main reason for this was the fall in the prices of Indica rice, as India lifted the ban on export of whole rice. Because of this, tremendous competition among exporters increased.

Wheat prices have increased for the second consecutive month. Bad weather in major exporting regions like European Union, Russia and America is responsible for this. During this period, the prices of maize have also increased significantly. Strong demand in Brazil and decreasing water level of Amazon river are the main reasons for this. Due to this, problems related to grain transport have arisen. Drought conditions in Argentina and ever-increasing demand for maize in Ukraine have also led to price increases. During this period, barley prices have increased and sorghum prices have fallen.