Food prices fell in January; beef rose

The FAO Food Price Index, a benchmark of global food commodity prices, declined in January, averaging 124.9 points for the month—1.6% lower than December, according to the United Nations Food and Agriculture Organization (FAO) on Friday. The drop resulted mainly from significant decreases in international quotes for vegetable oils and sugar.

The FAO Meat Price Index also fell by 1.4% in January, as lower international prices for sheep, pork, and poultry more than offset higher beef prices, which rose due to strong import demand in major markets.