World food prices fell in January 2025: Reuters reveals the reasons

World food prices fell in January, driven by sharp declines in sugar and vegetable oils. Sugar prices fell 6.8% month-on-month and 18.5% year-on-year, Reuters reported. The decline was largely driven by an improving global supply outlook, including favorable weather in Brazil and a recovery in sugar exports from India. Vegetable oil prices fell 5.6% last month as global palm and rapeseed oil prices fell while soybean and sunflower oil prices remained stable. Meat prices also fell, falling 1.7% in January. Cereal prices, on the other hand, edged up 0.3% from December but remained 6.9% lower than in January 2024. While wheat export prices fell slightly, corn prices rose due to revised forecasts for lower production and inventories in the United States. Rice prices fell by 4.7%, reflecting ample export supplies. Dairy prices rose by 2.4% month-on-month and 20.4% year-on-year, driven by a monthly increase in cheese quotations that outweighed declines in butter and milk powder ...