World: Food Prices Fall in January.

The FAO Food Price Index declined 1.6% to 124.9 points in January 2025 from 127 in December last year. Sugar prices fell 6.8% to reach their lowest level since October 2022, mainly driven by improved global supply prospects for the ongoing 2024/25 season, following generally favourable weather in Brazil that benefited the sugarcane crops to be harvested from April 2025. Additionally, the decision by the Government of India to resume sugar exports after limiting them since October 2023 exerted further downward pressure on world sugar prices. Prices also tumbled 5.6% for vegetable oil, mainly palm and rapeseed, while soy and sunflower oil quotations remained stable. Meat prices declined 1.4% driven by lower international ovine, pig and poultry meat prices, which outweighed increases in bovine meat. In contrast, cereal costs edged up 0.3% led by maize while wheat export prices dropped very slightly. Dairy prices increased 2.4% hit a new high since January 2023, led by cheese cost (7.6%).