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FAO Food Price Index Continues to Decline

The February FAO Food Price Index averaged 131.2 points in January 2023, down 1.1 points, or 0.8 percent, from December, marking the 10th consecutive monthly decline. With this latest decline, the index has fallen 28.6 points, 17.9 percent, from its peak in March 2022. The Cereal Price Index averaged 147.4 points in January, up fractionally from December and 6.7 points above its level one year ago. The Vegetable Oil Price Index averaged 140.4 points in January, down 2.9 percent month-on-month and nearly 25 percent below its level a year ago. The Dairy Price Index averaged 136.2 points in January, down 1.4 percent from December, hitting its lowest level in 12 months. The decline in January reflected lower international prices of butter and milk powders. The Meat Price Index averaged 113.6 points in January, down marginally in December, continuing the decline for the seventh consecutive month, but it still stood 1.3 percent above its year-earlier level. Finally, the Sugar Price Index averaged 115.8 points in January, down 1.1 percent from December.

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