The FAO Food Price Index fell 1.6% to 126.4 points in October 2025, marking a second consecutive monthly decline and the lowest level since January. Prices of cereals dropped 1.3% to the lowest level since September 2020, amid ample global supplies, favourable production prospects in the southern hemisphere and steady progress of winter wheat planting across the north. Dairy cost was down 3.4%, with prices declining for butter (-6.5%), whole milk powder (-6%), skim milk powder (-4%) and cheese (-1.5%). Meat fell 2% as sharp drops in pig and poultry and a fall in ovine meat were partially offset by higher bovine meat quotations. Also, sugar prices tumbled 5.3% to the lowest level since December 2020, mainly driven by expectations of ample global sugar supplies from Brazil, Thailand and India. On the other hand, prices increased 0.9% for vegetable oils, reaching the highest since July 2022, reflecting rising quotations for palm, rapeseed, soy and sunflower oils.