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Global food prices increased 1.5% in September compared to the previous month, driven by a surge in cereal and vegetable oil costs, according to the UN's Food and Agriculture Organization (FAO). Dairy and meat prices saw slight declines.
Dairy prices fell 0.1% in September compared to the previous month, according to the UN FAO.
Food price inflation slowed to 2.5% from 2.8%, while non-food inflation eased to 0.8% from 0.9%.
Spot premiums for Middle East crude benchmarks Oman and Dubai fell as data showed rising flows from the Strait of Hormuz this month. Kpler data showed crude exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the war with Iran started in February.