The FAO price index for dairy products rose 0.9 percent in January
Overall, the FAO price index for food averaged 182.5 points in January, which is 0.7 percent higher than in December and 11.3 percent higher than in the same month a year earlier.
Vegetable oils, sugar, and wheat were the main drivers of growth in the price index, which tracks monthly changes in international prices for the most commonly traded food products.
The FAO price index for vegetable oil rose 7.0 percent for the month, reaching a three-year high, as prices for palm, soybean, sunflower and rapeseed oils rose. However, prices began to decline in the second half of January, driven by trade uncertainty, the potential impact of the recent coronavirus outbreak, and trade tensions between India and Malaysia.
The FAO price index for sugar rose by 5.5 percent, driven by expectations of lower sugar production in several major producing countries. This growth was tempered by the continued weakening of the Brazilian currency and the recent decline in crude oil prices, which affected demand for sugar cane for ethanol production.
The FAO price index for grain rose by 2.9 percent since December, driven by higher prices for wheat, followed by higher prices for corn and rice, mainly due to increased demand and faster purchasing rates in several countries.
The FAO price index for meat, meanwhile, reversed an 11-month upward trend and fell by 4.0 percent during the month due to reduced purchases in China and the Far East, as well as large pork and beef exports.
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