FAO reported its January food price index up 2.7 percent from December and up 8.8 percent YOY (adjusted for inflation). Month on month, its component subindexes were either up (cereals, oils, sugar) or nearly flat (meat, dairy).
Year on year, nearly all subindexes made gains over the last six months or longer. The meat subindex is the exception, with YOY declines over the last ten months.
Growth in the grains price subindex follows higher corn demand globally and concerns over South American crops.