World food prices hit new 10-year high in October: FAO

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.

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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 September figure was previously given as 130.0.

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.