Rise in global prices of sugar, meat and dairy products

The FAO reported today that its Food Price Index stood at 117.3 points in February 2024. It registered a decrease of 0.9 points (0.7%) from its adjusted level in January, as a reduction in the price indices of cereals and vegetable oils slightly more than offset an increase in those of sugar, meat, and dairy products. It has declined by 13.8 points (10.5%) compared to its level a year ago.

International prices of all major cereals were reduced compared to the previous month. Corn export prices saw the largest decline. The decline in international wheat prices is mainly explained by a drop in export prices. World prices for barley and sorghum have also declined. International rice prices dropped by 1.6% in February.

The FAO Vegetable Oil Price Index averaged 120.9 points in February, 1.6 points (1.3%) lower than in January and 15.0 points (11.0%) lower than in February 2023. This decrease is primarily attributable to a drop in the prices of soybean, sunflower, and rapeseed oils.

The FAO Dairy Price Index averaged 120.0 points in February, marking an upsurge of 1.3 points (1.1%) compared to January. The largest increase was due to world butter prices, with prices for whole milk powder continuing to rise. Prices for skimmed milk powder remained stable, while international cheese prices also saw a slight increase.

The FAO Meat Price Index averaged 112.4 points in February. It has earned 2.0 points (1.8%) since January, after seven consecutive months of decline. The largest increase can be attributed to international prices of poultry meat, followed by those of cattle meat, mainly due to expanding demand in the major importing countries.

The FAO Sugar Price Index documented an average value of 140.8 points in February, 4.4 points (3.2%) higher than in January, marking its highest value.