World Food Prices Hit New 10-Year High In October

• World food prices rose for a third straight month in October to reach a fresh 10-year peak, led again by increases in cereals and vegetable oils, the UN food agency said on Thursday. 
• The Food and Agriculture Organization's (FAO) food price index, which tracks international prices of the most globally traded food commodities, averaged 133.2 points last month compared with a revised 129.2 for September. 
• The October reading was the highest for the index since July 2011. On a year-on-year basis, the index was up 31.3% in October. 
• Agricultural commodity prices have risen steeply in the past year, driven by harvest setbacks and strong demand.

(Source: Reuters)