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FAO food price index dips in December despite higher world cereal quotations

Jan 23, 2026 News

The benchmark for world food commodity prices fell in December compared to the previous month, as declines in dairy product, meat and vegetable oil quotations more than offset increases in those for cereals and sugar, the Food and Agriculture Organisation of the United Nations (FAO) reported Friday.

The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally-traded food commodities, averaged 124.3 points in December, down 0.6 percent from November and 2.3 percent from its level a year ago. For the whole of 2025, the index averaged 127.2 points, 4.3 percent higher than its average in 2024, as higher world prices for vegetable oils and dairy products outweighed declines in cereal and sugar quotations.

The FAO Cereal Price Index in December increased by 1.7 from November, buoyed by renewed concerns over Black Sea wheat export flows, robust import demand for maize, strong domestic ethanol production in both Brazil and the United States of America, and higher prices across all rice market segments. For 2025 as a whole, the Cereal Price Index averaged 4.9 percent below its 2024 level, marking its third consecutive annual decline and the lowest annual average since 2020. The FAO All Rice Price Index averaged 35.2 percent below its 2024 level, reflecting ample exportable supplies, intense competition among exporters, and reduced purchases by some Asian importing countries.

The FAO Vegetable Oil Price Index in December fell by 0.2 percent from November to a six-month low, as declines in world prices of soy, rapeseed and sunflower oils more than offset increases in palm oil quotations. Across 2025, the Index averaged 17.1 percent higher than in 2024, marking a three-year high amid tight global supplies.

The FAO Meat Price Index dipped by 1.3 percent from its revised November value but remained 3.4 percent above its December 2024 value, with prices down across all meat categories, particularly bovine and poultry. For the entire 2025, the Index averaged 5.1 percent above its 2024 level, supported by strong global import demand and heightened market uncertainty linked to animal disease outbreaks and geopolitical tensions. World bovine and ovine meat prices increased, while those for pig and poultry meats declined.

The FAO Dairy Price Index declined by 4.4 percent from November, led by a sharp drop in butter prices driven by seasonally higher cream availability in Europe. For 2025, the Index averaged 13.2 percent above its 2024 level, underpinned by strong global import demand and limited exportable supplies earlier in the year. The FAO Sugar Price Index rose by 2.4 percent from November, mainly due to a sharp drop in sugar production in Brazil’s key southern growing regions, while remaining 24.0 percent below its December 2024 level. For 2025 as a whole, the Index averaged 17.0 percent below the previous year, recording its lowest annual value since 2020, amid ample export availabilities.

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