Saturday, 18 February 2023 03:37

FAO Food Price Index declined 0.8% in january 2023

Written by Evelyn Alas

The Food and Agriculture Organization of the United Nations (FAO) monthly global food price index averaged 131.2 points in january 2023, down 1.1 points by 0.8% from december 2022, thus declining by 10.

With this latest decline, the index is down 28.6 points by 17.9% from the peak level reached in march 2022.

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The drop in the index in january was due to the decline in the price indexes for vegetable oils, dairy products and sugar, while those for cereals and meat remained practically stable.

Also, grain prices averaged 147.4 points in january, up a slight 0.1% from december and 6.7 points up 4.8% from a year ago.

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For major grains, world rice and maize prices rose in January, while barley and wheat prices declined.

World vegetable oil costs averaged 140.4 points in january, down 4.2 points by 2.9% from the previous month and about 25% below the year-ago level.

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As for dairy products the Food and Agriculture Organization recorded an average of 136.2 points in january, down 2.0 points by 1.4 % from december and its lowest value in 12 months. The january decline was due to lower international prices for butter and milk powders.

 

Translated by: A.M