Global Food Prices Dip in September Due to Decrease in Sugar and Dairy Prices

The global food prices dipped in September as sugar and dairy prices decreased, balancing the record-high meat prices, according to the FAO Food Price Index. The index dropped to an average of 128.8 points in September, slightly lower than August's 129.7 points.

Sugar prices reached a two-year peak in July but stabilized in August, leading to a 4.1% drop in September. Dairy prices also fell by 2.6%, driven by a decline in butter prices.

Wheat prices decreased for the third consecutive month due to a large harvest and subdued international demand. The drop in prices is attributed to improved supply outlook and higher production expectations in countries like Brazil, India, and Thailand.