Global food prices rise in January

The FAO Food Price Index averaged 135.7 points in January, 1.1 percent higher than in December. The Index tracks monthly changes in the international prices of commonly-traded food commodities.

The FAO Meat Price Index increased slightly in January, with world bovine meat prices reaching a new peak as global import demand exceeded export supplies, while ovine and poultry meat prices softened as exportable supplies outstripped import demand. Pig meat quotations rose slightly, in part due to rising input costs dampening global supply.

The FAO Cereal Price Index in January increased marginally, by 0.1 percent, from December. Maize export prices rose by 3.8 percent during the month, spurred by worries about persistent drought conditions in South America, while world wheat prices declined by 3.1 percent on the back of large harvests in Australia and Argentina. Lower harvests and steady purchases by Asian buyers led to a 3.1 percent monthly increase in international rice prices.