Dairy and sugar products suffered the steepest drops in the latest food price index from the United Nations.
The UN's Food and Agriculture Organization says the Food Price Index was down 1.9% in January 2016 from December. And it was down as much as 16% from January of 2015.
The Dairy Price Index was 3% as large winter milk production in the EU, and better than anticipated availability in Oceania have caused international prices of all the dairy commodities covered by the Index to dip.
The FAO Vegetable Oil Price Index was 1.7% which was mainly caused by a marked drop in soyoil prices, reflecting expectations of ample global soybean supplies.
And the FAO Meat Price Index was down 1.1%. Quotations fell for most categories, with the exception of pork, which was stable, mainly due to the opening of EU aid to private storage in January.
As for the sugar index, that was down 4.4% after four straight months of rises due to stable crop conditions.
