(FAO): Global food prices decline in January

The Food and Agriculture Organization of the United Nations (FAO) said today: “Global food commodity prices declined in January, led by sharp declines in sugar and vegetable oil prices.”

The FAO index, which tracks the prices of the most widely traded food commodities worldwide on a monthly basis, averaged 124.9 points in January, down from 127 points in December.

Despite the monthly decline, the index remained 6.2% higher than a year earlier, but still 22% below its peak in March 2022.