The benchmark for global food commodity prices experienced its fastest rise in 18 months in September, according to a report from the Food and Agriculture Organization of the United Nations (FAO) released on Friday.

All covered commodity groups saw price increases, with sugar leading the way.

The FAO Sugar Price Index averaged 125.7 points in September, an increase of 11.9 points (10.4 per cent) from August, but still 37 points (22.7 per cent) lower than its value a year ago.

The increase in September was driven by concerns over tighter global availability in the upcoming 2024/25 season. Worsening crop prospects in Brazil, due to prolonged dry weather and fires that damaged sugarcane fields in late August, were the main contributors to the rise in global sugar prices.

Additionally, concerns that India’s sugar export availability could be affected by the government’s decision to lift restrictions on sugarcane use for ethanol production also contributed to the overall increase in world sugar prices.

The FAO Cereal Price Index increased by 3.0 per cent during the month, led by higher wheat and maize export prices.

International wheat prices increased due largely to concerns over excessively wet conditions in Canada and the European Union, though this was partly offset by competitively priced supplies from the Black Sea region.

World maize prices also climbed, influenced by low water levels on key transportation routes along the Madeira River in Brazil and the Mississippi River in the United States of America.

The FAO All Rice Price Index fell by 0.7 per cent in September, reflecting generally quiet trading activities and lower Indian basmati prices, influenced by the arrival of freshly harvested supplies and the Indian government’s removal of the floor price for basmati export registration.

The FAO Vegetable Oil Price Index increased by 4.6 per cent from August, with higher quotations across the board for palm, soy, sunflower and rapeseed oils.

The rise in international palm oil prices was due to lower-than-expected production in major Southeast Asian producing countries, while the rebound in soyoil quotations was primarily due to lower-than-expected crushings in the United States of America.

The FAO Dairy price Index rose by 3.8 per cent in September, with quotations up for whole milk powder, skim milk powder, butter and cheese.

The FAO Meat Price Index increased by 0.4 per cent, mainly due to higher poultry meat prices driven by strong import demand for Brazil’s product.

World bovine and pig meat prices remained stable, while those for ovine meat declined slightly from August levels.