The United Nations food agency's world price index fell in October to its lowest level in more than two years, driven by declines in sugar, cereals, vegetable oils and meat, reported Reuters. 

The Food and Agriculture Organization's (FAO) price index, which tracks the most globally traded food commodities, averaged 120.6 points in October, down from 121.3 for the previous month, the agency said on Friday.

The October reading was the lowest since March 2021.

In a separate report on cereal supply and demand, the FAO maintained its forecast for world cereal production this year at 2.819 billion metric tons, up 0.9% from the previous year.