The benchmark global food commodity index increased for the first time in five months, driven by higher cereal, meat and vegetable oil prices, according to the latest monthly report from the Food and Agriculture Organization (FAO) of the United Nations.
The FAO Food Price Index (FPI) averaged 125.3 points in February, up 1.1 points (0.9%) from its revised January level. Increases in the price indices for cereals, meats and vegetable oils more than offset declines in dairy and sugar, resulting in the first rise of the index after five consecutive monthly decreases.
Compared to historical levels, the FPI stood 1.3 points (1%) below its value a year ago and as much as 34.9 points (22%) down from the peak reached in March 2022.
The FAO Cereal Price Index averaged 108.6 points in February, up 1.1 points (1.1%) from January but still 4 points (3.5%) below its level a year earlier. World wheat prices rose by 1.8% in February, underpinned by reports of frosts and heightened winterkill risks in parts of Europe and the United States of America.
Logistical disruptions in Russia and continuing tensions in the Black Sea region also contributed to the increase.
International coarse grain prices also rose, albeit more moderately. World maize prices remained broadly steady, while barley quotations continued to firm on sustained demand from China for Australian supplies and purchases by North African buyers sourcing from Europe, the FAO said. Sorghum prices also increased due to strong international demand.
The FAO All Rice Price Index inched up 0.4% in February, supported by sustained demand for basmati and Japonica varieties.
The FAO Vegetable Oil Price Index averaged 174.2 points in February, up 5.6 points (3.3%) month on month, reaching its highest level since June 2022.
Higher prices for palm, soy and rapeseed oils more than offset lower sunflower oil prices, the FAO said. Global soy oil prices increased on expectations of global biofuel policy measures in the United States, while rapeseed oil prices rebounded on stronger import demand for Canadian supplies.
In contrast, sunflower oil prices eased moderately, the FAO said, reflecting reduced demand due to higher prices and increasing export supplies from Argentina.
Other report highlights included:
- The FAO Meat Price Index averaged 126.2 points in February, up 1 point (0.8%) from its revised January value and 9.4 points (8%) above its level a year earlier. The increase was largely driven by higher world cattle and sheep meat prices, while poultry and pig meat quotations registered only marginal upticks.
- The FAO Dairy Price Index averaged 119.3 points in February, down 1.4 points (1.2%) from January and 28.4 points (19%) below its level a year earlier. The February decline extends the downward trend that began in July 2025, driven by a continued decline in cheese prices.
- The FAO Sugar Price Index averaged 86.2 points in February, down 3.7 points (4.1%) from January and as much as 32.4 points (27%) from a year ago, marking its second consecutive monthly decline and its lowest level since October 2020. Expectations of ample global supplies in the current season continued to exert downward pressure on world sugar prices.