World food prices fell slightly in January, for the tenth consecutive month, due to a decline in the prices of wheat and vegetable oils, the Food and Agriculture Organization of the United Nations (FAO) announced on Friday.
In January, the FAO Food Value Index, which tracks the variation in international prices for a basket of basic products, fell slightly compared to December (-0.8%).
The figure contrasts with the peak that prices reached in March 2022, when they registered an increase of 17.1% compared to the previous month, due to the first effects of the war in Ukraine.
Although the global price of cereals remained practically stable, those of rice and corn did rise.
international rice prices "increased by 6.2% compared to December"because of a "tighter availability, strong local demand in some Asian exporting countries and exchange rate movements"indicates the FAO.
Besides, "due to strong demand for exports from Brazil and concerns about drought in Argentina"world maize prices also rose slightly.
In contrast, the price of wheat fell 2.5% due to the abundant production expected in Australia and Russia, which "exceeded forecasts"says the FAO.
The prices of vegetable oils also decreased in January, by 2.9%. Those of palm and soybean oil "fell on weak global import demand, while those for sunflower and rapeseed oils fell on abundant export availability"explains the United Nations organization.
Sugar prices also fell compared to December 2022 (-1.1%), as well as dairy products (-1.4%).
The price of meat remained stable.
The UN organization also confirmed a "contraction" of the supply of cereals in 2022-2023, a "1.7% less" than the previous year, although slightly higher than the December forecasts.