Despite the Hamas-Israel war, the prices of food products in the world market are low. In the latest report, the Food and Agriculture Organization of the United Nations (FAO) said that the prices of almost all food products, except dairy products, decreased in October. Food prices fell 0.5 percent in October from September, down 10.9 percent from the same period a year ago.
International rice prices fell 2 percent due to weak demand and wheat prices fell 1.9 percent due to competitive supply from major exporters including the United States, FAO said.
Edible oil prices fell by 0.7 percent last month. Despite increased seasonal supply, import demand was low, so palm oil prices fell. On the contrary, the price of soybeans increased slightly.
Sugar prices fell by 2.2 percent last month but are still 46.6 percent higher than the same period a year ago.
Prices fell in October due to better production in Brazil, despite concerns about global supply. Meat prices fell 0.6 percent last month, but dairy prices rose 2.2 percent.
Meanwhile, a report by FAO’s Global Information and Early Warning System says that food insecurity is increasing in the world due to the war in Gaza as well as Ukraine. As a result, even if food prices fall somewhat, most of the least developed countries will not benefit because the local currency is depreciating against the dollar.
In particular, 46 countries in the world, including 33 countries in Africa, need external cooperation to ensure food security.
The worst of these is war-torn Gaza. As of 2022, more than half of the region’s population is acutely food insecure. As a result, humanitarian and emergency aid is much more needed in the area due to the war.