World food commodity prices fall in January as sugar, vegetable oils decline – FAO
The FAO Food Price Index averaged 124.9 points in January, down from 127.0 in December but 6.2% higher year-on-year. Sugar prices fell 6.8% monthly and 18.5% annually due to improved supply. Vegetable oil prices dropped 5.6%, while meat prices declined 1.7%. The index remains 22% below its March 2022 peak.
The FAO Food Price Index, which tracks monthly changes in a basket of internationally traded food commodities, averaged 124.9 points in January against 127.0 in December. Despite the monthly decline, the index remained 6.2% higher than a year earlier but was still 22% below its March 2022 peak.
Sugar prices fell 6.8% from the previous month and 18.5% on the year. The drop was largely attributed to improved global supply prospects, thanks in part to favourable weather in Brazil and India resuming sugar exports.
Vegetable oil prices declined 5.6% last month, as global palm and rapeseed oil prices dropped while soy and sunflower oil quotations remained stable. Despite the January fall, the index was still up 24.9% on the year. Meat prices also fell, shedding 1.7% in January.
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Source : CNBC Tv18
