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FAO; FOOD PRICES REACH THE HIGHEST MONTHLY AVERAGE SINCE 2014

FAO Food Price Index rises for 8th consecutive month in January, led by cereals, vegetable oils, sugar…

Global food prices reached their highest monthly average in January since July 2014 following a steady eight-month rise, the UN Food and Agriculture Organization (FAO) said Thursday.

The FAO Food Price Index climbed 4.3%, or 4.7 points, from December 2020, averaging 113.3 points in January.

Strong gains in the sugar, cereals and vegetable oils sub-indices drove the increase, while meat and dairy values were also up, though to a lesser extent.

This figure is a trade-weighted index that tracks the international market prices of five major food commodity groups.

Rising by 8.1% from the previous month, the sugar price index surged the most as robust global import demand spurred concerns about declining availabilities.

The FAO Cereal Price Index in January posted a sharp 7.1% monthly rise, led by international maize prices.

Last month, the vegetable oil price index went up 5.8% to its highest level since May 2012.

In its eighth consecutive monthly rise, the FAO Dairy Price Index climbed to 1.6% during this period.

The FAO Meat Price Index marked an increase for a fourth consecutive month, up 1% from December 2020 due to brisk global imports of poultry meat.

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