FAO: World Food Prices Rise in February After Five-Month Decline

Emirates 24/7 — The United Nations Food and Agriculture Organization (FAO) said on Friday that global food prices rose in February after five consecutive months of decline, as higher prices for cereals, meat, and most vegetable oils outweighed the decline in cheese and sugar prices.

The FAO Food Price Index, which tracks monthly changes in a basket of globally traded food commodities, averaged 125.3 points in February, up from 124.2 points in January.

The index remains 1% lower compared to last year and about 22% below its peak recorded in March 2022 following the outbreak of the war in Ukraine.

Average cereal prices rose 1.1% from the previous month, driven by a 1.8% increase in wheat prices due to climatic risks in Europe and the United States. However, prices remain 3.5% lower than their level a year ago.

Meat prices rose 0.8% from January, while dairy prices fell 1.2%, continuing a months-long decline primarily due to lower cheese prices in the European Union.

Sugar prices fell 4.1% to their lowest level since October 2020, reflecting expectations of ample global supply, including record production in the United States.