Food Price Index averaged 113.3 points in January 2021, 4.7 points (4.3 percent) higher than in December 2020, not only marking the eighth month of consecutive rise but also registering its highest monthly average since July 2014.
( 2010 food index was at = 106.7 )
The latest increase reflected strong gains in the sugar, cereals and vegetable oils sub-indices, while meat and dairy values were also up but to a lesser extent.
Cereal Price Index averaged 124.2 points in January, marking a sharp increase of 8.3 points (7.1 percent) from December and the seventh consecutive monthly rise.
2010= 107.5
International maize prices increased significantly, surging by 11.2 percent in January, up 42.3 percent above their January 2020 level, reflecting increasingly tight global supply with lower-than-earlier-expected production and stock estimates in the United States of America and substantial purchases by China.
Concerns over dryness in South America and a temporary suspension of maize export registrations in Argentina added support, pushing international maize prices up to their highest level since mid-2013.
Among other coarse grains, barley prices also increased in January, by 6.9 percent, supported by firmer demand and price rises for maize, wheat and soybeans, while sorghum prices remained stable.
Wheat prices also registered strong increases in January, up by 6.8 percent, influenced by the strength in maize prices as well as strong global demand and expectations of reduced sales by the Russian Federation from March 2021, when the wheat export duty will double.
As for rice, robust demand from Asian and African buyers, combined with tight supplies in Thailand and Viet Nam, continued to underpin export prices in January.
Vegetable Oil Price Index averaged 138.8 points in January, up 7.7 points (or 5.8 percent) from December and marking the highest level since May 2012.
2010=121.9
Sugar price index averaged 94.2 points in January, up 7 points (8.1 percent) from December 2020 and reaching the highest level since May 2017.
2010=131.7
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FAO INDEX VALUES TREND
YearFood Price IndexMeat Price IndexDairy Price IndexCereals Price IndexOils Price IndexSugar Price Index
