In its first monthly report of the new year, the FAO reported that its broad Food Prices Index dropped 1.6 percent in January compared to a month earlier.
ROME, Feb. 7 (Xinhua) -- Global food prices drifted lower in January, mainly due to lower sugar, vegetable oil and meat prices, the United Nations Food and Agriculture Organization (FAO) said Friday.
In its first monthly report of the new year, the FAO reported that its broad Food Prices Index dropped 1.6 percent in January compared to a month earlier. Despite the drop, the index was still 6.2 percent higher than it was in the same month a year earlier, although it remained 22 percent below its all-time high which was reached in 2022.
Data showed that three out of five sub-indexes declined in January.
Sugar prices, meanwhile, fell 6.8 percent to their lowest level since October 2022, due to healthy crop and export outlooks in major sugar-producing countries including Brazil and India.
Vegetable oil prices fell 5.6 percent, the FAO said, as demand rationing put downward pressure on palm oil and rapeseed oil prices.
Meat prices slipped 1.4 percent as ovine, pork, and poultry prices compensated for higher demand for beef. Pork prices were affected by import bans in Europe due to foot-and-mouth disease concerns.
However, dairy prices rose significantly, while prices for grains and cereals showed a slight increase. ■