FAO Food Price Index declines in January for fifth consecutive month

The measure of world food commodity prices declined in January for the fifth consecutive month, led by lower international quotations for dairy, sugar and meat products, according to the benchmark report released Friday by the Food and Agriculture Organization of the United Nations (FAO). The FAO Food Price Index, which tracks monthly changes in the international prices of a basket of globally-traded food commodities, averaged 123.9 points in January, down 0.4 percent from the previous month and 0.6 percent from its level a year earlier. The FAO Cereal Price Index increased slightly by 0.2 percent from December, despite marginal declines of world wheat and maize prices. Ample wheat stocks offset weather-related concerns affecting dormant crops in the Russian Federation and the United States of America, while comfortable global maize supplies offset adverse weather conditions in Argentina and Brazil and strong ethanol demand in the United States. By contrast, the FAO All-Rice Price ...