The benchmark for global food commodity prices rose in February, propelled by increases in sugar, dairy, and vegetable oil prices, according to the new Food and Agriculture Organization of the United Nations (FAO) report released today.
The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally traded food commodities, averaged 127.1 points in February, up 1.6 percent from the previous month and 8.2 percent higher than its February 2024 level.
The surge was largely driven by the FAO Sugar Price Index, which rose by 6.6 percent from January after three consecutive months of decline, reaching 118.5 points in February.
The increase was fuelled by concerns over likely tighter global supplies for the 2024/25 season, particularly due to declining production prospects in India and adverse weather conditions affecting crops in Brazil.
