World food price index continues to tumble, UN agency says – National [Video]

The United Nations food agency’s world price index fell in February for a seventh consecutive month as lower prices for all major cereals more than offset the rising price of sugar and meat.

The Food and Agriculture Organization’s price index, which tracks the most globally traded food commodities, averaged 117.3 points in February, down from a revised 118.2 points the previous month, the agency said on Friday.

The February reading was the lowest since February 2021.

The cereal index fell five per cent month-on-month in February to stand 22.3 per cent below its level a year ago thanks to expectations of large maize harvests in South America and competitive prices offered by Ukraine.

Vegetable oil prices fell 1.3 per cent in February from January to stand 11 percent below year ago levels amid prospects for abundant South America supplies. Rapeseed and sunflower oil prices also fell, thanks to ample exports.