FAO: The global food price index fell to its lowest level in three years. Global wheat export prices fell last month due to strong competition between exporters.
The FAO Primary Food Commodity Price Index recorded an average of 118 points last January. In a separate report, the FAO said that global cereal production in 2023 appears to have reached an all-time high of 2.836 billion tons, an increase of 1.2% from 2022. The abundance of supplies from major exporting countries contributed to the decline in global prices for poultry, cattle and pig meat.