The benchmark index of international food commodity prices declined in January for the tenth consecutive month, the Food and Agriculture Organization of the United Nations (FAO) has revealed.

The FAO Food Price Index averaged 131.2 points in January, 0.8% lower than the previous month and 17.9% below its peak in March 2022. The index tracks monthly changes in the international prices of commonly-traded food commodities.

The price indices for vegetable oils, dairy and sugar drove the January decline, while those for cereals and meat remained largely stable.

Cereal, wheat and maize
In January, the FAO Cereal Price Index was essentially unchanged (up a mere 0.1%) from December and stood 4.8% above its level of one year earlier.

International wheat prices declined by 2.5% as production in Australia and the Russian Federation outpaced expectations.

World maize prices rose marginally due to strong demand for exports from Brazil and concerns over dry conditions in Argentina.

International rice prices, however, jumped by 6.2% from December, influenced by tighter availability and significant local demand in some Asian exporting countries and exchange rate movements.

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