FAO: FOOD PRICES INCREASED 0.7 PERCENT ON A MONTHLY BASIS GLOBALLY

Global food prices rose for the fourth consecutive month in January, the UN Food and Agriculture Organization (FAO) said Thursday.

Food prices increased 0.7% on a monthly basis, averaging 182.5 points, the FAO said.

The figure was up 11.3% compared to January 2019.

Vegetable oil jumped 7% from the previous month, hitting a three-year high.

Sugar prices was up 5.5%, marking the fourth consecutive monthly increase, reaching its highest level since December 2017.

"The latest increase was propelled by expectations of a 17% drop in India’s sugar output, a 66% production fall in Brazil’s largest producing region (the Centre-South) and a 25% contraction in Mexico’s harvest," according to the FAO.

Last month, cereal climbed 2.9%, its highest value since May 2018 as international prices of all major cereals increased.

The FAO Dairy Price Index posted the slowest price rise in January, up just 0.9%.

And meat prices were the sole sub-index, down 0.4% -- a break from 11 months of continued increases.

The FAO Food Price Index is a trade-weighted index that tracks international market prices of five major food commodity groups.