The FAO Food Price Index fell -1.6% MoM to 124.9 in January. Despite the decline, the index is still up 6.2% YoY.

• Cereal prices were up 0.3% MoM and down -6.9% YoY. Weak import demand was offset by tighter supply to push prices slightly higher.
• Vegetable oil prices fell -5.6% MoM but were still up 8.1% YoY. The decline was driven by lower international ovine, pig and poultry meat prices, which outweighed increases in bovine meat quotations.
• Dairy prices increased 2.4% MoM and 20.4% YoY, pushed up by cheese prices as demand increased faster than production recovery.
• Sugar prices were down -6.8% MoM and -18.5% YoY. The index was at the lowest since October 2022. The decline in January was mainly driven by improved global supply prospects for the ongoing 2024/25 season.