Dairy, palm and sugar prices drive global food price index in January

The FAO Cereal Price Index averaged 168.1 points in January, up marginally from December and almost 11.5 points (7.3 per cent) above its January 2018 level

A sharp rebound in the prices of dairy, palm and soya oils drove global food prices in January, a statement released from the Food and Agricultural Organisation (FAO) of the United Nations said on Thursday.

While prices of soybean oil jumped by 8.3 per cent in January 2019 to 30 cents per pound (lb), prices of crude palm oil (CPO) in the benchmark Bursa Malaysia shot up 6.3 per cent to ringgit 2299 in January 2019. SMP prices in the benchmark the Netherland spot market surged by 12.7 per cent to $195 a quintal in January 2019 from $173 a tonnes