The global food price index for January 2026 fell to 123.9 points.
Global food prices recorded their fifth consecutive month of decline in January 2026, reflecting drops in dairy, meat, and sugar prices despite pressure from rice prices.
The World Food Price Index (FFPI) for January 2026 averaged 123.9 points, down 0.5 points (0.4%) from December 2025. According to a report from the United Nations Food and Agriculture Organization (FAO), this marks the fifth consecutive month of decline for the index. Compared to the same period in 2025, the FFPI has decreased by 0.6% and is 22.7% lower than its historical peak set in March 2022.
Fluctuations in major commodity groups
The overall downward trend in the market during January was led by dairy, meat, and sugar products. Conversely, prices of grains and vegetable oils recorded slight increases, creating a divergence among essential commodities.
| Product group | Index (Score) | Changes compared to December 2025 |
|---|---|---|
| Cereal | 107.5 | +0.2% |
| Vegetable oil | 168.6 | +2.1% |
| Dairy products | 121.8 | -5.0% |
| Meat | 123.8 | -0.4% |
| Road | 89.8 | -1.0% |
Grain market: Rice prices rise sharply
The grain price index for January 2026 increased slightly by 0.2% compared to the previous month. Notably, the Global Rice Price Index rose by 1.8% due to strong demand for fragrant rice varieties. Meanwhile, world wheat prices remained stable (down slightly by 0.4%) thanks to abundant supplies from Argentina and Australia offsetting weather concerns in Russia and the United States. International corn prices continued their downward trend of 0.2% due to abundant global supply.
Vegetable oil prices recover, milk prices fall sharply.
The vegetable oil price index rose 2.1% compared to December 2025. Palm oil prices increased for the second consecutive month due to declining production in Southeast Asia. Soybean and sunflower oil prices also recovered due to limited export supplies in South America and the Black Sea region.
Conversely, the dairy product group recorded the sharpest decline at 5.0%, marking the seventh consecutive month of decline. This was mainly due to a sharp drop in cheese and butter prices under pressure from global competition and abundant supply in Europe and the United States. However, powdered milk prices improved thanks to increased import demand from the Middle East and North Africa.
Meat and sugar prices continue their downward trend.
The meat price index fell 0.4%, mainly due to lower pork prices in the European Union because of weak international demand. Beef and lamb prices remained generally stable, while poultry prices rose slightly thanks to increased demand from Brazil.
For sugar, the price index decreased by 1.0% compared to December 2025. This decline was reinforced by forecasts of a significant production recovery in India and Thailand, along with positive crop prospects in Brazil for the 2025/26 period, helping to alleviate pressure on global sugar supply.
