The first FAO Food Price Index for the year is out. It is down one percent from December and more than 10 percent from year-ago levels.
Several categories played a role in the decline. The sugar price index actually increased this month, up 1.8 percent from December and more than 15 percent from 2023. That jump is due to concerns over the likely impact of below-average rains on sugarcane crops in Brazil as well as other global crop concerns.
The vegetable oil and dairy index had marginal to no changes this month as vegetable oil was up 1.1 percent and dairy was unchanged.
However, decreases for cereals and meat more than offset those increases. The cereal food price index was down 2.2 percent and meat was down 1.4 percent from December.
