World food prices continue to decline in January: FAO

The food price index of the UN Food and Agriculture Organization (FAO) fell in January, continuing last year’s trend. The organization said in its statement that the basic level of food prices slightly decreased due to lower prices for wheat and corn.

The FAO Food Price Index, which measures monthly changes in prices of a range of food products on the world market, averaged 118 points in January, 1% lower than in December and 10.4% lower than a year ago.

The FAO Cereal Price Index fell 2.2% in comparison with the previous month as global wheat export prices fell due to strong competition among supplying countries. Corn prices fell sharply, reflecting improved planting conditions and the start of harvest in Argentina.

The meat price index continued to decline for the seventh month in a row, falling by 1.4% compared to December 2023. At the same time, FAO reported an increase in sugar prices – the index increased by 0.8% in January compared to the previous month. Prices for rice also rose by 1.2% in January.