Global food costs moved lower again for the 11th consecutive month. The Financial Post says while consumers are still spending more for food, prices are at their lowest level in the last 17 months.
The UN Food and Agricultural Organization’s Food Price Index dropped 0.6 percent in February, the longest string of lower food prices in 30 years. The index averaged 129.8 points last month, dropping from 130.6 in January. Last month’s drop was driven primarily by cooking oils and dairy. The overall index is down 19 percent from a record set last year when Russia’s invasion of Ukraine disrupted grain exports around the world.
The FAO says sugar prices rose last month, while meat and grains were almost identical to the previous month. The Vegetable Oil Price Index dropped almost five points to 135.9 in February, while the dairy index was down 3.6 points, or 2.7 percent, to 131.3.