Vegetable Oils Drag Food Price Index Lower In January

The FAO Food Price Index, the benchmark for global food commodity prices, averaged 124.9 points in January, down 1.6% from its December level.

The UN Food and Agriculture Organisation (FAO) said on Friday that "the decline was driven by significant drops in international prices for vegetable oils and sugar".

The index, which tracks monthly changes in international prices for a basket of globally traded food commodities, was 6.2% higher than its level a year earlier, but remained 22.0% below the peak it reached in March 2022.

‍Oils

The FAO Vegetable Oil Price Index fell 5.6% month-on-month, reversing recent gains, though it remained 24.9% higher than a year earlier. The January decline was driven mainly by lower global prices for palm and rapeseed oils, while soybean and sunflower oil prices held steady.

Source: Al Mal Forum