According to the Food and Agriculture Organization of the United Nations, the Food Price Index (FFPI) averaged 150.4 points in January 2016, down almost by 1.9 percent from December. Thus, the decline in global food prices reached 16 percent by January.
The prices of all the commodities tracked by the Index fell, with sugar and dairy products registering the steepest declines.
According to the FAO data, global food prices fell by 19 percent on annual basis throughout last year, for the fourth consecutive annual fall.
The FAO Cereal Price Index fell by 1.7 percent, Vegetable Oil Price Index fell by 1.7 percent, Dairy Price Index fell by 3.0 percent, Meat Price Index fell by 1.1 percent, and FAO Sugar Price Index fell by 4.1 percent in January.
The FAO's global cereal production forecast for 2015 rose by 3.9 million tons to 2.531 million tons due to upward revision. The production forecast was 1.2 percent below the production record in 2014.
Meanwhile, the FAO underlined that forecasts do not indicate a clear outlook, due to weather events linked to El Nino.