World food prices fell in January: the FAO Food Price Index reached 118.0 points, a decrease of 1.0% compared to December.

In January of the current year, the Food Price Index (FPI) reached a value of 118.0 points, which is 1.2 points (1.0 percent) lower than the revised December figure. This decrease is due to mixed price changes for various products: sugar prices rose, but they were offset by decreases in grain and meat prices. Prices for dairy products and vegetable oils remained almost unchanged. Thus, the current FPI is 13.7 points (10.4 percent) lower than the same indicator last year. In January of the current year, the average value of the FAO Cereal Price Index was 120.1 points, which is 2.7 points (2.2 percent) lower than the December figure and 27.4 points (18.6 percent) lower than the value for January of the previous year. In January, there was a decrease in world export prices for wheat due to intense competition among exporters and increased arrivals of new harvests from Southern Hemisphere countries to the market. Corn prices also sharply decreased compared to the previous month, due to improved crop conditions and the start of the harvest in Argentina, as well as increased supply in the United States, linked to higher forecasted production volumes. Barley and sorghum prices also fell following the trends of wheat and corn. Conversely, the FAO Rice Price Index increased by 1.2 percent in January, mainly driven by higher prices for some high-quality Indian rice varieties, increased shipments from Thailand and Pakistan, as well as additional purchases by Indonesia.