The FAO Food Price Index declined -0.8% MoM to 127.7 in May 2025, though it remains up 6.0% YoY, with gains in meat and dairy prices outweighed by declines in cereals, vegetable oils, and sugar.

• The Cereal Price Index fell -1.8% MoM and -8.2% YoY, led by sharp maize declines and weaker wheat prices; rice rose 1.4% MoM.
• The Vegetable Oil Index dropped -3.7% MoM but was up 19.1% YoY, with palm, soy, rapeseed, and sunflower oil prices all falling.
• The Meat Price Index rose 1.3% MoM and 6.8% YoY, driven by higher prices for bovine, ovine, and pig meat; poultry prices fell.
• The Dairy Price Index rose 0.8% MoM and surged 21.5% YoY, supported by high butter and whole milk powder prices.
• The Sugar Price Index fell -2.6% MoM and -6.6% YoY, marking the third straight monthly decline on weak demand and improved supply expectations.