International Desk: Food prices have fallen in the world in January. A picture has emerged of sugar and vegetable oil prices falling. The Food and Agriculture Organization (FAO) reported this information on Friday (February 7).
The AFO food index stood at 124.9 points in January. It was 127 points in December. However, although food prices have fallen on a monthly basis, they are 6.2 percent higher on an annual basis.
Moreover, food prices are now 22 percent lower than the peak they reached in March 2022.
The index shows that sugar prices fell by 6.8 percent in January and 18.5 percent compared to the previous year. The price of sugar has fallen mainly because the supply crisis has passed.
Moreover, vegetable oil prices fell by 5.6 percent last month. However, the price of the product is 24.9 percent higher on an annual basis.
Meanwhile, oil prices increased slightly on Friday (February 7). However, oil prices have been falling for three consecutive weeks. The global market is unstable mainly due to the trade war between the United States and China.
Brent crude prices rose 71 cents, or one percent, to $75 per barrel. However, they are on a 2.3 percent decline this week.
West Texas Intermediate prices rose 65 cents, or 0.9 percent, to $71.26. This is 1.7 percent lower on a weekly basis.
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