The average FAO Food Price Index fell to 123.9 points in January 2026, down 0.4% from December. This marks the fifth consecutive monthly decline, driven by lower prices for dairy products, meat and sugar, which more than offset rising prices for cereals and vegetable oils, ProAgro Group reports.

According to FAO, the index was also 0.6% lower than in January 2025 and 22.7% below its peak recorded in March 2022.

Cereal prices remained broadly stable in January: wheat prices fell by 0.4% and corn by 0.2% amid high global stocks, while rice prices increased by 1.8% due to strong demand.

The vegetable oil price index rose by 2.1% month-on-month, driven by higher prices for palm, soybean and sunflower oil. Sunflower oil prices increased after two months of decline amid limited supply in the Black Sea region.

The meat price index declined by 0.4%, mainly due to lower pork prices in the EU. Beef and lamb prices remained largely stable, while poultry prices increased.

The sharpest decline was recorded in the dairy segment: the index fell by 5% month-on-month and by 14.9% year-on-year, primarily due to lower prices for cheese and butter.

The sugar price index decreased by 1% compared with December and by nearly 20% year-on-year, reflecting expectations of higher global stocks amid strong production prospects in India, Brazil and Thailand.

Earlier, analysts at Rabobank forecast that global pork prices could start rising in the second half of 2026.