Food inflation might be slowing — but that doesn't spell good news for food prices just yet

The governor of the Bank of Canada said on Sunday that food price inflation won't go down because of good harvests.

Macklem told the government funded radio station that he was hopeful that food inflation would come down because of good harvests in Canada and other countries.

The UN Food and Agriculture Organization's food price index fell for the sixth month in a row in September. Even though the index fell in September, it was still 5.5% higher than a year ago.

A UN and Turkey brokered deal to allow grain shipments from Ukraine to be exported from Black Sea ports has caused food inflation to ease.

International food prices are high by historical standards, markets are tight, and high price volatility is still present for wheat and maize, according to the researchers.

Concerns over the weather in Argentina and the US caused wheat prices to rise in September.

According to the Bureau of Labor Statistics, US food and drink prices have increased in August from a year ago.

Food prices are moving a lot. Supply chain problems, energy costs, and labor costs are some of the issues that contribute to the prices of food.

There will be uncertainty over the global food supply next year. Ukrainian farmers are likely to plant less wheat this fall due to the war. According to the September report from the International Food Policy Research Institute, highFertilizer costs are likely to be impact planting.

The Bank of Canada's Macklem highlighted the difficulty of forecasting volatile commodity prices.