The FAO Food Price Index held broadly steady at 130.1 in August 2025 (+0.1 MoM, +6.9% YoY), as declines in cereals and dairy were offset by gains in meat, sugar, and vegetable oils.

• The Cereal Price Index fell -0.8% MoM and -4.1% YoY to 105.6, as wheat prices declined on ample supply, while maize rose for a third month on weather concerns in the EU and higher U.S. demand for feed and ethanol.

• The Vegetable Oil Index rose +1.4% MoM to 169.1, the highest since July 2022, with palm, sunflower, and rapeseed oils up on robust demand and tighter supplies, while soyoil edged lower.

• The Meat Price Index hit a record 128.0 (+0.6% MoM, +4.9% YoY), led by higher bovine and ovine prices, while pig meat was steady and poultry declined on strong Brazilian supply.

• The Dairy Price Index declined -1.3% MoM but remained +16.2% YoY, with butter (-2.5%), cheese (-1.8%), and whole milk powder (-0.3%) down, while skim milk powder rose +1.8% on tighter supply.

• The Sugar Price Index edged up +0.2% MoM to 103.6 but remained -9.0% YoY, as concerns over Brazil’s harvest and stronger Chinese demand were offset by larger expected crops in India and Thailand.