(MENAFN) Worldwide food costs dropped for the 10th month in a row last month, the UN Food and Agriculture Organization (FAO) mentioned in a report issued on Friday.
The FAO Food Price Index stood at a median of 131.2 points last month, decreasing 0.8 percent from the prior month.
The decrease in the major reading was triggered by declines in the price indices of vegetable oils, dairy, as well as sugar, whereas those for cereals and meat stayed largely steady in January.
The FAO food cost index is an exchange-weighted index that tracks worldwide market prices of five main food commodity groups.
The vegetable oil price index saw a drop of 2.9 percent on a monthly basis in January, because of decreased world costs of palm, soy, sunflower seed, in addition to rapeseed oils.
The FAO asserted that “Strong harvest progress in Thailand and favorable weather conditions in Brazil outweighed the impact on prices due to concerns over lower crop yields in India, higher gasoline prices in Brazil, which support demand for ethanol, as well as the Brazilian real’s appreciation against the US dollar.”
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