The FAO Food Price Index fell 1.2% to 125.1 points in November 2025, marking a third consecutive monthly decline and a new low level since January. Sugar prices tumbled 5.9% to the lowest level since December 2020, amid expectations of ample global sugar supplies in the current season. Sugar production remained strong in Brazil’s key southern growing regions and India’s 2025/26 harvest started well. Dairy prices dropped 3.1% to September 2024-lows with declines recorded across all major dairy commodities. Prices for vegetable oils went down 2.6% as lower quotations for palm, rapeseed and sunflower oils, more than offset a slight increase in soyoil. Also, meat decreased 0.8%, continuing to be driven by lower pig and poultry prices. On the other hand, cereal cost went up 1.8%, driven by a 2.5% increase in wheat bolstered by potential Chinese interest in supplies from the US, concerns over continuing hostilities in the Black Sea region, and expectations of reduced plantings in Russia.