FAO Food Price Index down in September, led by dairy and sugar

The FAO Food Price Index* (FFPI) averaged 128.8 points in September 2025, down slightly from its revised August level of 129.7 points. Declines in the cereal, dairy, sugar, and vegetable oil indices outweighed an increase in the meat index. Overall, the FFPI was 4.2 points (3.4 percent) higher than in September 2024 but remained 31.4 points (19.6 percent) below its peak reached in March 2022.

The FAO Cereal Price Index averaged 105.0 points in September, down 0.6 points (0.6 percent) from August and 8.5 points (7.5 percent) below its September 2024 level. World wheat prices declined for the third consecutive month in September, largely due to subdued international demand and confirmation of large harvests in the Russian Federation and other key producing countries in Europe and Northern America. Maize prices also dropped, on forecasts of abundant supplies in exporting countries Brazil and the United States of America, while the temporary suspension of grain export taxes in Argentina also weighed on maize quotations. Among other coarse grains, world prices of both barley and sorghum rose, with barley prices recording a third consecutive monthly increase.  Meanwhile, the FAO All Rice Price Index fell by 0.5 percent in September 2025 led by declines in Indica quotations, as ample exportable supplies and reduced purchase orders by buyers in the Philippines and Africa weighed on the market.

The FAO Vegetable Oil Price Index averaged 167.9 points in September, down 1.2 points (0.7 percent) from August but still 25.0 points (18.0 percent) above its year-earlier level. The decline mainly reflected lower palm and soybean oil quotations, more than offsetting increases in sunflower and rapeseed oil prices. International palm oil prices decreased slightly, largely due to higher-than-expected August stocks reported in Malaysia – reaching a 20-month high, offsetting the impact of strong global import demand. Global soyoil prices declined for the second consecutive month, pressured by elevated supplies from Argentina following temporary suspension of export taxes on soybeans and derived products in late September. By contrast, quotations of sunflower and rapeseed oils continued to increase, reflecting, respectively, lingering supply tightness in the Black Sea region and in Europe.

The FAO Meat Price Index averaged 127.8 points in September, up 0.9 points (0.7 percent) from its revised August level and 7.9 points (6.6 percent) from a year earlier, reaching a new record high. The increase reflected higher world bovine and ovine meat prices, while pig and poultry meat quotations remained broadly stable. Bovine meat prices climbed to an all-time high, supported by strong demand in the United States of America, where limited domestic supplies and favourable price differential continued to encourage imports, especially from Australia, where prices rose. Brazilian bovine prices increased as well, underpinned by robust global demand, offsetting reduced access to the United States of America following the imposition of higher tariffs. World ovine meat quotations surged on the back of solid global import demand amid limited export availability from Oceania. Pig meat prices were steady, as firmer demand for Brazilian pig meat from alternative markets offset reduced purchases by China. In the European Union, the impact of new tariffs imposed by China on pig meat export prices remained limited. Poultry meat quotations remained firm, reflecting relatively balanced global markets, despite import restrictions related to localized outbreaks of high pathogenicity avian influenza.

The FAO Dairy Price Index averaged 148.3 points in September 2025, marking its third consecutive monthly decline, down 2.6 percent from August while remaining nearly 9 percent above its level a year earlier. All sub-indices eased, with butter falling by 7.0 percent, skim milk powder by 4.3 percent, and whole milk powder by 3.1 percent, while cheese quotations eased only slightly. The relatively sharp drop in butter prices reflected a seasonal increase in cream availability as demand for ice-cream in the Northern Hemisphere waned, alongside higher production expectations in New Zealand as the spring flush advances. Nevertheless, despite this fall, butter prices remained 6.3 percent above the 2024 average. Milk powder quotations decreased mainly on softer demand from key importers and firmer export competition. By contrast, cheese prices declined only marginally, as a modest easing in the European Union amid steady output and softer export interest was partly offset by firmer quotations in Oceania, where smaller early-season supplies and stronger demand from Asian buyers supported New Zealand prices.

The FAO Sugar Price Index averaged 99.4 points in September, down 4.2 points (4.1 percent) from August and as much as 26.9 points (21.3 percent) from a year ago, reaching its lowest level since March 2021 (96.2 points). The drop was driven by higher-than-expected sugar production in Brazil, resulting from large crushing volumes and increased use of sugarcane for sugar production in key southern growing regions. Additional downward pressure on prices came from favourable harvest prospects in India and Thailand, following ample monsoon rains, combined with expanded plantings.

* Unlike for other commodity groups, most prices utilized in the calculation of the FAO Meat Price Index are not available when the FAO Food Price Index is computed and published; therefore, the value of the Meat Price Index for the most recent months is derived from a mixture of projected and observed prices. This can, at times, require significant revisions in the final value of the FAO Meat Price Index which could in turn influence the value of the FAO Food Price Index.

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Excel: Nominal and real indices from 1990 onwards (monthly and annual)

CSV: Nominal indices from 1990 onwards (monthly)

Excel: Nominal and real indices from 1961 onwards (annual)

For export quotations of various foodstuffs and national retail/wholesale prices of foods please visit FAO’s Food Price Monitoring and Analysis (FPMA) Tool

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