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Food prices dip in January

The Food Price Index fell in January for the first time in three months, according to the Food and Agriculture Organization of the United Nations report. The index averaged 203.4 points for the month, down 1.3% from December and 4.4% compared to a year ago. The decline was attributed to lower prices for meats, cereals, sugars and oils.

The meat price index declined by 1.7 points, or 1% to an average of 185.2 points in January. Prices for pork and sheep meat declined, while beef and poultry prices increased marginally on demand from China and Japan, according to report.

Prices for sugar and vegetable oils declined 5.6%  and 3.8% respectively. At the same time increased supplies of cereal crops helped to lower cereal prices, down 1.6% from December and as much as 23% lower than in January 2013.

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