The average world food price index, compiled by the analysts of the Food and Nutrition Organization of the United Nations (FAO), continued to decline for the tenth consecutive month, standing at 2023 points in January 131,2, down 1,1 points (0,8%) below its December level. This is reported on the organization's website.
“The drop in January was due to a fall in the prices of vegetable oils, and dairy products Sugar due to relatively stable grain and meat prices,” the statement continues.
As reported, the average value of the FAO grain price index in January was 147,4 points, which is slightly (0,1%) higher than the December value. The dynamics of global price movements for the main grain crops in January turned out to be diverse: Prices for Rice and Corn rose while Barley and Wheat fell. Notably, wheat prices are on a downward trend for the third straight month, falling 2,5% in January as supply in world markets has increased as production levels in Australia and Russia were higher than previously forecast.
Global feed corn prices also rose, albeit modestly (up 0,5%), mainly on concerns over dry conditions in Argentina offsetting a trend of lower US export prices due to falling sales.
“The average price index for vegetable oils in January was 140,4 points, down 4,2 points (2,9%) from its December readings. This drop was the result of a drop in world prices for palm, soybean, sunflower and canola oil,” the experts added.
Source: APKinform (Ukraine)