Meat prices hit record high, grain prices hit lowest in five years - South Korean report

The global meat price index hit a record high, while oil and fat prices also soared, while the grain price index fell to its lowest level in five years.
The Ministry of Agriculture, Food and Rural Affairs of Korea announced that the standards announced by the Food and Agriculture Organization of the United Nations (FAO) last month
The World Food Price Index (based on the average price from 2014 to 2016 set at 100) was 130.1 points, up 1.6% from the previous month (128.0), the company announced on the 9th.
The food price index is at its highest level since February 2023. However, it is 18.8% lower than its peak in March 2022, after Russia's invasion of Ukraine.
Among these, the meat price index rose 1.2% from the previous month to 126.3 points, a new record high.
Beef prices rose due to the expansion of the country, while chicken prices rose as major trading countries resumed imports after Brazil recovered from the highly pathogenic avian influenza (HAPI) outbreak in June of this year.
Prices fell due to ample supply and a decline in demand. Oil and fat prices also reached their highest level in three years. The oil and fat price index rose 7.1% from the previous month to 166.8 points. Palm oil, large
Prices of soybean and sunflower oil rose due to increased demand, while rapeseed oil prices fell. Meanwhile, the grain price index fell 0.8% to 106.5 points, the lowest level in nearly five years.
The sugar price index (103.3) was at a high level of 155.3 points, but it was down for the first time since April last year, down 0.1% from the previous month.
This is the fifth consecutive month of decline due to the outlook for increased volume.