The aggregate global food price index fell in January, driven by dairy, sugar, and meat prices, maintaining the downward trend of the previous four months, according to the Food and Agriculture Organization of the United Nations (FAO).

The FAO Food Price Index averaged 123.9 points in January 2026, down 0.4% from December. Declines in the dairy, meat, and sugar price indices more than offset increases in cereal and vegetable oil prices. This marks the fifth consecutive month of decline in the index.

The dairy price index fell the most, down 5% from December to 121.8 points. This is the lowest level since February 2024. This decline, which has now entered its seventh month, is driven by lower cheese prices due to intense global competition, as well as lower butter prices.

The sugar price index fell 1% in January compared to December, reaching 89.8 points. The decline in sugar prices was driven by a rise in global stocks this season due to increased production. The FAO also presented positive sugar production forecasts for the coming season.

The meat price index reached its lowest level since May. In January, it stood at 123.8 points, down 0.4% month-on-month. It was primarily influenced by pork prices, which fell primarily in the European Union, partly due to weak demand. Meanwhile, beef and lamb prices remained stable.

Positive momentum is seen in the vegetable oil price index, which rose 2.1% in January compared to December, reaching 168.6 points. This is the highest level since August. Palm oil prices have risen for the second month in a row, driven by a seasonal decline in production in Southeast Asia amid strong import demand.

The grain price index reached 107.5 points in January, up 3.9% from December. This increase was driven by robust exports from Canada and Australia, as well as concerns about crops overwintering due to weather conditions in Russia and the United States.

Increased demand for aromatic varieties contributed to a 1.8% increase in the all-rice price index in January.