World food prices decline for 10th month running in January, says FAO

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The United Nations food agency's world price index fell in January for a 10th consecutive month, and is now down some 18% from a record high hit last March following Russia's invasion of Ukraine.

The Food and Agriculture Organization's (FAO) price index, which tracks the most globally traded food commodities, averaged 131.2 points last month against 132.2 for December, the agency said on Friday. It was the lowest reading since September 2021.

The December figure was revised down from an original estimate of 132.4.

Falls in the prices of vegetable oils, dairy and sugar helped pull down the index, while cereals and meat remained largely stable, the FAO said.

In separate cereal supply and demand estimates on Friday, the FAO raised its forecast for global cereal production in 2022 to 2.765 billion tonnes from a previous estimate of 2.756 billion tonnes.