# Global food prices decline further in January

> The FAO Food Price Index averaged 131.2 points in January, down 0.8 percent from December and the tenth straight monthly decline. Vegetable oil, dairy and sugar prices drove the fall, while international rice prices jumped 6.2 percent on tight availability and strong Asian local demand. Wheat prices fell 2.5 percent on strong Australian and Russian output.

- Date: 2023-03-02 · published 2023-03-02T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/12653-global-food-prices-decline-further-in-january
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Rough Rice](https://feedsoft.ai/c/RICE.md)

## Why it matters

Lower palm and soy oil prices and weaker wheat point to softer oilseed and wheat costs for feed. The sharp rice rally signals firmer rice prices, which could raise costs for rice-based feed.

## Read by commodity

- SBO: bearish ▼
- RICE: bullish ▲
- WHEAT: bearish ▼
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2022-05-08 | [Global food commodity prices decline in July](https://feedsoft.ai/events/41443-global-food-commodity-prices-decline-in-july.md) | -0.6% | +0.9% |
| PALMOIL | 2018-11-02 | [Global food prices dip in October amid declines in dairy and sluggish palm oil demand](https://feedsoft.ai/events/6993-global-food-prices-dip-in-october-amid-declines-in-dairy-and-sluggish-palm-oil.md) | -1.9% | -5.0% |
| PALMOIL | 2020-03-05 | [FAO Food Price Index declined in February \| PotatoPro](https://feedsoft.ai/events/7992-fao-food-price-index-declined-in-february-potatopro.md) | -5.2% | -9.6% |
| PALMOIL | 2017-02-03 | [FAO Food Price Index edges higher in February](https://feedsoft.ai/events/8602-fao-food-price-index-edges-higher-in-february.md) | +0.7% | -7.2% |
| PALMOIL | 2020-02-04 | [World food prices drop in March](https://feedsoft.ai/events/4955-world-food-prices-drop-in-march.md) | +4.6% | -11.1% |
| SBO | 2022-05-08 | [Global food commodity prices decline in July](https://feedsoft.ai/events/41443-global-food-commodity-prices-decline-in-july.md) | +0.7% | -5.3% |
| SBO | 2017-02-03 | [FAO Food Price Index edges higher in February](https://feedsoft.ai/events/8602-fao-food-price-index-edges-higher-in-february.md) | +0.2% | -1.3% |
| SBO | 2020-02-04 | [World food prices drop in March](https://feedsoft.ai/events/4955-world-food-prices-drop-in-march.md) | +1.1% | -4.8% |

## Sources

- fao.org: https://www.fao.org/newsroom/detail/global-food-prices-decline-further-in-january/en

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.