Food Prices Slightly Higher in May

The U.N. Food and Agricultural Organization’s Food Price Index stood at 120.4 points in May, up 0.9 percent from its revised April level. Increases in the price index for cereal and dairy products slightly more than offset decreases in those for sugar and vegetable oils.

The meat index was unchanged. It was the third consecutive monthly rise in the index but still remained down 3.4 percent from the same time in 2023 and 25 percent below the peak in March 2022. The Cereal Price Index took the biggest jump in May, rising 7.3 points, or 6.3 percent, from April to average 118.7 points in May. The Sugar Index saw the biggest drop, coming in at 117.1 points, down 9.5 points or 7.5 percent.

The Meat Price index averaged 116.6 points in May, down 0.2 points. The Dairy Price Index reached 126 points, up 2.3 points, or 1.8 percent, from April.