As experts from the Food and Agriculture Organization of the United Nations (FAO) found out, international food prices rose to new peaks. Thus, the July 2011 level was exceeded.
In comparison with September, the increase in international prices was 3%. At the same time, the growth of the food price index continues for the third month in a row.
With regard to specific items, then, as told in FAO, the value of the cereal price index in October increased by 3.2%.
The price index for vegetable oils rose to a record 9.6%, which is explained by changes in the price quotations of palm, soybean, as well as sunflower and rapeseed oils.
But the price of palm oil has been on the rise for four months, driven by low production in Malaysia, a country lacking migrant workers.
FAO experts also explain the rise in milk prices, which is caused by the intensification of global demand for butter, skimmed milk powder, and dry whole milk. The desire of consumers to increase stocks also played a role.