FAO reported the world food price index for 2020 up 3.6 percent from 2019 (adjusted for inflation). This follows a modest annual increase of 1.4 percent in 2019 after the price index hit a 12-year low in 2018.
The key subindexes showing growth in 2020 were oils (up nearly 20 percent YOY) and cereals (up 7 percent YOY). Meat pricing was down 4 percent YOY after rising 8 percent YOY in 2019. The sugar subindex was up less than 2 percent YOY.
Looking at December alone, the food index was up 2.2 percent from November, the eighth straight month of modest month-on-month gains. Down less than 1 percent, sugar was the only subindex down month on month in December.