FAO Vegetable Oil Price Index in February reaches highest level since June 2022
Global vegetable oil prices rose in February, with the FAO Food Price Index reporting a 3.3% increase in its vegetable oil benchmark. According to the Food and Agriculture Organization, higher palm, soybean and rapeseed oil prices drove the rise, pushing the index to its highest level since June 2022.
Global vegetable oil prices rose in February driven by higher prices of palm, soyabean and rapeseed oils, more than offsetting lower sunflower oil quotations, according to the benchmark United Nations’ Food and Agriculture Organization (FAO) Food Price Index (FFPI) released on 6 March.
The index tracks changes in the international prices of the most globally traded food commodities.
The FAO Vegetable Oil Price Index averaged 174.2 points in February, up 5.6 points (3.3%) compared to the previous month and reaching the highest level since June 2022.
“International palm oil prices rose for the third consecutive month, underpinned by firm global import demand and seasonally lower outputs in Southeast Asia, the FAO said.
“World soyabean oil prices increased on expectations of supportive biofuel policy measures in the United States of America, while rapeseed oil prices rebounded amid prospects for stronger import demand for Canadian supplies.”
Although sunflower oil prices eased moderately, reflecting subdued import demand due to elevated prices and rising export supplies from Argentina, they remained well above the previous year’s levels.
The increase in vegetable oil prices – alongside price increases for cereals and meats – more than offset declines in dairy and sugar, resulting in the first rise of the index after five consecutive monthly decreases.
The FFPI averaged 125.3 points in February 2026, up 1.1 points (0.9%) from its revised January level.
Compared to historical levels, the FFPI stood 1.3 points (1%) below it’s the previous year and as much as 34.9 points (21.8%) down from the peak reached in March 2022.
The FAO’s vegetable oil price index illustrates the changes in international prices of the 10 most important vegetable oils in world trade, weighted according to their export shares.
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Source : OFI Magazine
