Key Takeaways
- • The FAO Food Price Index averaged 136.0 points in September 2026, up from a revised 134.0 in August and 5.8% above a year earlier, its highest reading since November 2022, according to the FAO report released October 2, 2026.
- • The FAO Cereal Price Index rose 5.1% month on month to 122.8 points, 17.2% above September 2025, with international wheat up 6.3% on Black Sea logistics constraints and dry weather in North America.
- • The FAO Vegetable Oil Price Index rose 0.9% to 198.6 points, 18.3% higher year on year, driven by a fourth consecutive monthly gain in palm oil prices.
- • Corn prices climbed 5.6% on US yield concerns, reduced Brazilian export availability and continued Black Sea disruption, while the rice index gained 1.4%.
- • Meat prices weakened and dairy was stable, offsetting gains in cereals and vegetable oils; uncertainty over Strait of Hormuz shipping kept fuel, fertilizer and freight costs in focus.
Summary
The Food and Agriculture Organization of the United Nations reported that its Food Price Index (FFPI) averaged 136.0 points in September 2026, up from a revised 134.0 points in August. The gain came from higher cereal, vegetable oil and sugar prices, which outweighed weaker meat prices and stable dairy prices. The index was 7.4 points, or 5.8%, above its level a year earlier and reached its highest reading since November 2022.
Cereals led the increase. The FAO Cereal Price Index averaged 122.8 points, up 5.1% from August and 17.2% above September 2025. FAO said international wheat prices rose 6.3% month on month, supported by logistical constraints affecting Black Sea trade and dry weather in parts of North America ahead of sowing. Corn prices increased 5.6%, reflecting concerns over US yield prospects, reduced export availability from Brazil and continued disruption to Black Sea exports. The FAO All Rice Price Index rose 1.4% on weather concerns and seasonally tighter supplies.
Vegetable oils also advanced. The FAO Vegetable Oil Price Index averaged 198.6 points, up 0.9% from August and 18.3% above a year earlier. Stronger palm oil prices more than offset lower sunflower oil prices. Palm oil rose for a fourth consecutive month on strong global import demand and dry-weather concerns in Southeast Asia. Sunflower oil fell for a third consecutive month on expectations of ample Black Sea supplies, although logistical disruptions limited further losses. Soybean and rapeseed oil prices were broadly unchanged.
FAO also cited ongoing uncertainty over shipping through the Strait of Hormuz, which kept fuel, fertilizer and freight costs in focus for commodity markets. Publisher context notes that the index rose for a third consecutive month and that its benchmark increase was due mostly to transportation disruptions and weather concerns.
Cereals led the increase. The FAO Cereal Price Index averaged 122.8 points, up 5.1% from August and 17.2% above September 2025. FAO said international wheat prices rose 6.3% month on month, supported by logistical constraints affecting Black Sea trade and dry weather in parts of North America ahead of sowing. Corn prices increased 5.6%, reflecting concerns over US yield prospects, reduced export availability from Brazil and continued disruption to Black Sea exports. The FAO All Rice Price Index rose 1.4% on weather concerns and seasonally tighter supplies.
Vegetable oils also advanced. The FAO Vegetable Oil Price Index averaged 198.6 points, up 0.9% from August and 18.3% above a year earlier. Stronger palm oil prices more than offset lower sunflower oil prices. Palm oil rose for a fourth consecutive month on strong global import demand and dry-weather concerns in Southeast Asia. Sunflower oil fell for a third consecutive month on expectations of ample Black Sea supplies, although logistical disruptions limited further losses. Soybean and rapeseed oil prices were broadly unchanged.
FAO also cited ongoing uncertainty over shipping through the Strait of Hormuz, which kept fuel, fertilizer and freight costs in focus for commodity markets. Publisher context notes that the index rose for a third consecutive month and that its benchmark increase was due mostly to transportation disruptions and weather concerns.
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