- freeimages.comThe FAO Food Price Index continued to decline in January, averaging 182.7 point, down 1.9 percent from December.
The FAO Food Price Index continued to decline in January, averaging 182.7 point, down 1.9 percent from December.
"The index has been on a downward path since April 2014. The January decline was partly influenced by robust inventories, continued strength in the US dollar and weak crude oil prices," the FAO said.
The FAO Cereal Price Index averaged 177.4 points in January, down 3.6 percent from the previous month. International wheat prices fell by 7 percent from December, reflecting ample supply.
The FAO Vegetable Oil Index also fell significantly to 156.0 points, down 2.9 percent from the previous month and is now at its lowest level since October 2009. The decline was driven largely by ample supplies of soy oil and lower crude oil prices.
The FAO Meat Price Index declined 1.6 percent during the month to average 194.3 points. The decline was partly brought about by the U.S. dollar’s strength, notably against the euro, as well as by abundant global pig meat availability for export.
The FAO Dairy Price Index was stable in January, averaging 173.8 points as rising butter prices offset a decline in prices – spurred in part by the weakening euro – for cheese and skimmed milk powders.
The FAO Sugar Price Index averaged 217.7 points, also virtually unchanged from December.