Global food commodity prices moved higher in February for the first time in five months, driven mainly by rising prices for wheat, vegetable oils and several types of meat, according to new data released Friday by the United Nations’ Food and Agriculture Organization (FAO).
The FAO food price index - which tracks monthly changes in international prices for a basket of globally traded food commodities - averaged 125.3 points in February, up 0.9% from January. Despite the monthly gain, the index remained 1% below its level from a year earlier, reflecting broader easing in food prices over the past year.
The FAO cereal price index averaged 108.6 points in February, rising 1.1% from January but still 3.5% lower than a year ago. The increase was led by wheat, with global prices climbing 1.8% during the month. The gains were supported by concerns about frost damage and winterkill risks in parts of Europe and the U.S. Logistical disruptions in Russia and ongoing tensions in the Black Sea region also contributed to the firmer tone in the wheat market.
Prices for other grains moved higher more modestly. International corn prices were largely steady, while barley values firmed due to sustained demand from China for Australian supplies and purchases from North African buyers sourcing from Europe.