Sugar prices declined 2.2% in October after surging 9.8% the previous month to reach their highest level since 2010.
Sugar has been the most volatile food commodity in recent weeks amid concerns over supplies sparked by extreme weather in sugar-producing countries, high energy prices, and the impacts of the El Nino weather phenomenon. Despite the modest decline in October, global sugar prices were still 46.6% above a year ago, after rising in eight of the last 12 months.
Grains and cereals, the largest component in the index, saw prices decline by 1% in October, paced by a 2% decrease in rice prices amid weak global demand.
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