World food prices at five-year high in December: UN

Global food prices hit a five-year high in December, the UN Food and Agriculture Organization (FAO) said on Jan. 9.

The FAO Food Price Index soared 2.5 percent on a monthly basis, averaging 181.7 last month, due to strong rallies in vegetable oils, sugar and dairy markets, said the FAO.

The figure for 2019, however, was 171.5 points on average, up 1.8 percent from previous year.

The vegetable oil price index in December rose 9.4 percent from the previous month, reaching a 25-month high.

"The latest upturn was primarily driven by firming palm oil prices, while soy, sunflower and rapeseed oil values also increased," it said.

Sugar climbed 4.8 percent month-on-month, prompted by rising crude oil prices.

Dairy posted a monthly rise of 3.3 percent in December, the FAO noted.

Cereal rebounded percent1.4, largely led by higher international wheat prices.

The meat price index was almost unchanged during the same period.

The FAO Food Price Index is a trade-weighted index that tracks international market prices of five major food commodity groups.