The January Food Price Index averaged 113.3 points, or 4.3% higher than in December 2020. That marks eight straight months of increases for the index and the highest monthly average since July 2014. The latest increase reflected strong gains in the sugar, cereals and vegetable oils sub-indices, while meat and dairy values were also up but to a lesser extent. The Food and Agriculture Organization of the United Nations published the data late last week.

Global cereal grains rose 7.1% in January, as row crop prices rise, and vegetable oil prices were up 5.8%. Dairy prices were reported 1.6% higher. In January, butter and whole milk powder price quotations increased, underpinned by China’s high purchases ahead of its upcoming New Year holiday festivities.

Meat prices were up one percent from December, but down 7.3% from this time last year. Sugar prices were up 8.1% in January, reaching levels not seen since May of 2017.​

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