The UN's Food and Agriculture Organization's (FAO) world price index fell in January for the 10th consecutive month, now down about 18 percent from the March high after Russia invades Ukraine.
The UN organization said that its price index, which measures the most traded food commodities in the world, recorded an average of 131.2 points last month, compared to 132.2 points in December. This is the lowest reading since September (2021).
The December figure was revised down from the previous estimate of 132.4 points.
The (FAO) said that the decline in the prices of vegetable oils, dairy products, and sugar helped to decline the index, while the prices of cereals and meat remained largely stable.
In separate cereal supply and demand estimates released on Friday, the FAO raised its forecast for global cereal production in 2022 to 2.765 billion tons, from a previous estimate of 2.756 billion tons.