The FAO Food Price Index averaged 128.8 in September 2025, down -0.7% MoM but still +3.4% YoY, with declines in cereals, dairy, sugar, and vegetable oils outweighing a rise in meat prices.

• The Cereal Price Index fell -0.6% MoM and -7.5% YoY to 105.0, as wheat and maize prices declined on large harvests and abundant supply, while barley and sorghum strengthened and rice fell on weaker demand.

• The Vegetable Oil Index slipped -0.7% MoM to 167.9 but remained +18.0% higher YoY, with palm and soybean oil down on ample stocks and export supplies, offset by firmer sunflower and rapeseed oil prices due to regional supply tightness.

• The Meat Price Index rose +0.7% MoM and +6.6% YoY to a record 127.8, led by higher bovine and ovine prices, while pig and poultry quotations were stable.

• The Dairy Price Index dropped -2.6% MoM to 148.3 but was still +9% YoY, with butter (-7.0%), skim milk powder (-4.3%), and whole milk powder (-3.1%) all down, while cheese eased only slightly.

• The Sugar Price Index declined -4.1% MoM and -21.3% YoY to 99.4, its lowest since March 2021, pressured by strong Brazilian output and favorable harvest prospects in India and Thailand.