The Food and Agriculture Organization of the United Nations said Friday that January saw a fifth consecutive month of a decline in global food prices. The FAO food price index, which tracks the monthly changes in the prices of a particular basket of internationally traded goods, averaged 123.9 points, the agency said. This is a 0.6 percent decrease from the same period last year and a 0.4 percent decrease from the previous month, December.
Dairy costs were the most significantly reduced among the main product groups, down 5% month over month due to lower cheese and butter costs. The expectation of greater market supplies also caused sugar prices to decline, falling 1% from December to a level 19.2% lower than the previous year. Costs in the meat industry decreased by 0.4 percent, as rising costs for chicken were offset by the decline in pig meat prices.
Cost increases for particular commodities
Last month, certain sectors saw price increases despite the overall decline. Higher prices for soy, palm, and sunflower oils offset lower quotes for rapeseed oil, pushing the vegetable oil index up 2.1 percent. There was also a little gain of 0.2 percent in the cereal index. Strong demand for rice drove prices up, offsetting slightly lower bids for other key cereal crops, which is why there was this small increase.
Production of records and stockpiles
Following improved maize outlooks and higher wheat yields, the FAO raised its 2025 global grain production projection to a record 3.023 billion metric tonnes in a companion study. The agency added that the 2025–2026 season is expected to see an increase in global cereal reserves. The global stocks-to-use ratio is expected to reach its highest level since 2001, at 31.8 percent, with this expansion.
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