NextGen Day

According to a report released on Friday by the UN Food and Agriculture Organization (FAO), global food prices declined for the tenth consecutive month in January.

In January, the FAO Food Price Index averaged 131.2 points, a 0.8 percent decrease from December.

Vegetable oil, dairy, and sugar price indices saw the biggest drops in the major reading last month, while those for grains and meat were mostly constant.

The FAO food price index measures the prices of five key food commodity groupings on the global market. It is a trade-weighted index.

The lower global prices of palm, soy, sunflower seed, and rapeseed oils contributed to the vegetable oil price index’s 2.9 percent month-over-month decline in January.

The diary price index fell 1.4 percent from December to a 12-month low in January, driven by falling butter and milk powder prices internationally.

The sugar price index decreased by 1.1 percent, the first decrease following two months of significant increases.

The FAO reported that “strong harvest progress in Thailand and favorable weather in Brazil outweighed the impact on prices due to concerns over lower crop yields in India, higher gasoline prices in Brazil, which support demand for ethanol, and the Brazilian real’s appreciation against the US dollar.”

While the cereal price index increased 0.1 percent in January, the meat price index had its eighth straight monthly reduction.

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