The FAO Food Price Index rose to 125.3 in February 2026, marking its first increase in five months after a revised 124.2 in January.
This rebound was primarily driven by higher prices for cereals, vegetable oils, and meat. Wheat prices climbed 1.8% due to weather concerns in Europe and the U.S., alongside logistical issues in the Black Sea region.
Vegetable oil prices surged 3.3%, reaching their highest since June 2022, fueled by strong global demand and biofuel policy expectations. Meat prices also increased by 0.8%, led by record sheep meat prices and robust beef demand from the U.S. and China.
Conversely, dairy prices fell 1.2% due to lower cheese costs in the EU, and sugar prices dropped 4.1% to their lowest since October 2020, reflecting ample global supply. Despite the monthly increase, the index remains 1% below its value a year earlier and significantly 22% below its March 2022 peak.
Separately, the FAO raised its 2025 global cereal production forecast to a record 3.029 billion metric tons, projecting a comfortable global stocks-to-use ratio of 31.9% for the 2026 season.
