World food prices fall for a fifth straight month, U.N. FAO says

The U.N. Food and Agriculture Organization said its food price index averaged 123.9 points in January, down 0.4% from December and marking a fifth consecutive monthly decline; dairy, meat and sugar fell while cereals and vegetable oils rose.

Global food prices fell for a fifth consecutive month in January, the U.N. Food and Agriculture Organization reported. The FAO's food price index averaged 123.9 points in January, down 0.4% from December. That level remains more than 22% below the March 2022 peak after Russia's invasion of Ukraine. Price movements varied across commodity groups, with dairy, meat and sugar declining while cereals and vegetable oils rose. Key facts: - The FAO food price index averaged 123.9 points in January, a 0.4% decline from December. - Dairy prices fell 5% in January, led by lower cheese and butter prices amid ample supplies. - Meat prices ticked 0.4% lower, reflecting lower pig meat prices in the European Union while poultry prices increased. - Sugar prices fell about 1% on expectations of higher global supplies and rebounds in India and Thailand. - Vegetable-oil prices rose 2.1%, with gains for palm, soy and sunflower oils outweighing a decline in rapeseed oil. - Cereals prices rose 0.2%, with rice up 1.8% for fragrant varieties while wheat and maize were slightly lower. Summary: The fifth straight monthly fall reflects easing prices in several major commodity groups and keeps the index more than 22% below its March 2022 peak. Undetermined at this time.