The Food and Agriculture Organization of the United Nations (FAO) World Food Price Index fell in January to its lowest level in nearly three years, supported by lower cereal and meat prices.
According to the FAO in its monthly report, global wheat export prices fell in January due to strong competition between exporters, and the arrival of recently harvested supplies from southern hemisphere countries. Meat prices also fell for the seventh consecutive month amid a strong increase in supplies from exporting countries.
The FAO indicated that the general price index fell by 1 percent in January compared to December 2023. But the decline was about 10 percent year-on-year and down 25 percent from the price index's highest level in nearly two years.
Source (Al-Arabiya.net Website, Edited)
