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Global Food Prices Edge Lower in January
(MENAFN) The UN Food and Agriculture Organization (FAO) announced on Friday that worldwide food costs declined by 0.4% in January, largely influenced by reductions in dairy, sugar, and meat prices.
The agency's food price index, which monitors monthly fluctuations in the international prices of a specific selection of widely traded food commodities, dropped to 123.9 points last month. This marked the fifth consecutive month of decline for the index, according to the released statistics.
Meanwhile, the vegetable oil price index increased by 2.1%, propelled by a seasonal slowdown in Southeast Asia and heightened demand for biofuels.
Cereal prices experienced only a modest rise of 0.2%, despite rice prices surging by 1.8%, owing to plentiful wheat and maize supplies.
Conversely, the sugar price index fell by 1%, reflecting a recovery in production in India and favorable prospects in Thailand.
The dairy price index dropped 5% compared to December, mainly due to an excess supply of cheese and butter in the market.
Similarly, the meat price index declined by 0.4%, as global demand softened and pork supply increased.
The agency's food price index, which monitors monthly fluctuations in the international prices of a specific selection of widely traded food commodities, dropped to 123.9 points last month. This marked the fifth consecutive month of decline for the index, according to the released statistics.
Meanwhile, the vegetable oil price index increased by 2.1%, propelled by a seasonal slowdown in Southeast Asia and heightened demand for biofuels.
Cereal prices experienced only a modest rise of 0.2%, despite rice prices surging by 1.8%, owing to plentiful wheat and maize supplies.
Conversely, the sugar price index fell by 1%, reflecting a recovery in production in India and favorable prospects in Thailand.
The dairy price index dropped 5% compared to December, mainly due to an excess supply of cheese and butter in the market.
Similarly, the meat price index declined by 0.4%, as global demand softened and pork supply increased.
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