Global food grew cheaper in September 2025 than in August due to low sugar and dairy market quotations, which countered volatile meat.
According to the FAO Food Price Index (FPPI), global weighted food rates in September retreated to 128.8 points versus 129.7 points in August.
Although 3.4% up year-on-year, the index was still 31.4 points or 19.6% below the March 2022 record.
Leading the decline was sugar at 99.4 points, marking a consecutive monthly drop by 4.2 points or 4.1%.
The sugar index was 21.3% below September 2024’s and the lowest since its slump to 96.2 points in March 2022.
Making the commodity bearish is production that has surpassed expectations in southern Brazil, a major global supplier.
Meanwhile, India’s favorable monsoon could raise 2025-26 sugar production to 35 million tonnes. This is per an early 2025 projection by the U.S. Department of Agriculture (USDA).
The subcontinent scheduled to export 1 million tonnes of raw sugar in 2025, further saturating a crowded global market.
Dairy, Cereals Counter Meat
Dairy, too, made no price gains for the last three months, with its September index backing to 148.3 points, down 2.6% monthly.
Nearly every niche product lost, from butter (down 7%), skim milk powder (down 4.3%) and whole milk powder (down 3.1%).
Apart from cheese, quotations for most milk powder products turned low due to intense competition amid waning demand.
For one, the milk industry anticipates winter in major consumer nations in the northern hemisphere when ice cream demand ebbs.
Major dairy producer New Zealand also expects extra output at the end of the ongoing southern spring, negative for prices.
Apart from sugar and dairy, the other cheaper foods in the September index stood as follows: [1] cereal index – 105 points or 0.6% down from August. [2]. Vegetable oil index – 167.9 points or 0.7% below the August average.
Meat was the only exception this month for it hit 127.8 points or 0.7% higher than in the revised August index.
Owing to expensive carve outs in sheep, goat and cattle meat prices, the index was 6.6% up year-on-year.
The FAO reveals that global bovine meat rates hit their highest ever point on record this September. The U.S. partly contributed to the record by increasing imports from Brazil and Australia at high rates to offset domestic shortage.
The next FPPI will be on November 7, during which the year’s performance of the five food categories will take shape. As such, the following stats look at the monthly changes in global sugar and dairy prices.
Global Sugar and Dairy Price Index Statistics
Sugar generates much price changes mainly because of consumption trends while dairy as a necessity pegs market rates upon production shifts. Below is an historical review of the global sugar price index in the yearly period beginning September 2024, interpreted from Trading Economics:
| Month/Year | Index [points] | Change |
| March 2025 | 116.9 | -1.4% |
| Feb 2025 | 118.5 | 6.6% |
| Jan 2025 | 111.2 | -6.8% |
| Dec 2024 | 119.3 | -5.6% |
| Nov 2024 | 126.4 | -2.5% |
| Oct 2024 | 129.6 | 2.6% |
| Sep 2024 | 126.3 | 10.9% |
For the dairy index, the WWDRPI chart tracks quotations in major production regions like Oceania and Europe, per the Trading View:
Highest index 1990-2025: 158.2 points June 2022.
Lowest index rate 1990-2025: 36.8 points in August 1990.
Lowest index in the 2015-25 decade: 73.9 points in July 2016.
Highest index in 2025: 155.5 points in June.
How has the dairy index performed historically within the United States?
The United States is a major determinant of dairy prices due to its prominent international trade presence. From 1985 through 2025, its dairy price index has been unevenly climbing, per the Reserve Bank data below:
| Year | Dairy Index |
| September | 254.5 points |
| June 2022 | 253.9 points |
| June 2020 | 200.7 points |
| October 2003 | 228.3 points |
| June 2003 | 131.5 points |
| October 1996 | 133.9 points |
| November 1985 | 96.8 points |
How did the U.S.’ sugar producer price index change in the 2000s?
American sugar first reached its highest price in the 2000-25 period in July 2011 at 176.2 index points, per the Federal Reserve Bank of St. Louis. Before that it had sunk to its lowest point to date in February 2004 at 98.8 points. Its highest climb to date on the other hand was in May 2024, at 219.475 points