The UN Food and Agriculture Organization's (FAO) food price index decreased in January, maintaining the downward trend from the previous year. According to the organization's statement, lower prices for wheat and corn resulted in a small fall in the fundamental level of food costs.

The average score for the FAO Food Price Index in January was 118, which is 1% less than in December and 10.4% less than a year earlier. The index tracks monthly variations in the costs of a variety of food goods on the global market.

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Due to intense rivalry among supplier nations, wheat export prices declined globally, causing the FAO Cereal Price Index to drop 2.2% from the previous month. The beginning of Argentina's harvest and better planting conditions caused a dramatic decline in corn prices.

For the seventh consecutive month, the meat price index fell, with a 1.4% decrease from December 2023. Simultaneously, the FAO announced that sugar prices had risen, with the index rising by 0.8% in January over December. In January, rice prices also increased by 1.2%.

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