Global Food Prices Continue To Drop
Global food prices dropped for the tenth consecutive month in January, the Food and Agriculture Organisation of the United Nations (FAO) said on Friday.
Tracking monthly changes in the global prices of commonly traded food commodities, the latest index averaged 131.2 points in January, falling 0.8 percent since December. FAO reported small price decreases on its latest meat and sugar indices.
Vegetable oil prices fell 2.9 percent, stemming from subdued global import demand for palm and soy oils and ample export availabilities of sunflower seed and rapeseed oils. Cereal prices remained essentially unchanged since December.
International wheat prices fell for the third consecutive month. The 2.5 per cent decrease relates to Australia and Russia outpacing production expectations. Meanwhile, slightly higher global maize prices were rooted in a strong demand for exports from Brazil and concerns over dry conditions in Argentina.
Cheese became slightly more expensive despite dairy prices averaging 1.4 per cent lower than in December, which came after lighter demand from leading importers and increased supplies from New Zealand.
