Previously, a decrease in prices had been reported.
Price Changes for Major Food Groups
Cereals rose in price by an average of 1.1% in February. The increase in wheat prices is linked to reports of frosts in Europe and the USA, as well as ongoing logistical issues in Russia and the Black Sea region.International corn prices also showed a slight increase. The rice index rose by 0.4%, attributed to stable demand for basmati and Japanese rice varieties.
Vegetable oils increased by 3.3%, reaching their highest level since June 2022. The rise in palm oil prices is due to high global demand and seasonal production declines in Southeast Asia. Soybean oil prices increased due to expectations of new biofuel support measures in the USA, while canola oil became more expensive due to forecasts of increased imports from Canada. At the same time, sunflower oil slightly decreased in price due to rising export supplies from Argentina.
Meat prices increased by 0.8%. The price of lamb reached a historical record, and beef prices rose due to high demand from China and the USA. A slight increase was also recorded for pork and poultry.
Dairy products fell in price by 1.2%, mainly due to a decrease in cheese prices. However, the prices for skimmed and whole milk increased amid strong demand in North Africa, the Middle East, and Southeast Asia. Butter prices rose for the first time since the historical peak in June 2025.
Sugar fell in price by 4.1% over the month and by 27.3% compared to February 2025, which is linked to expectations of abundant supplies in the current season.
Forecasts for 2026: Decrease in Wheat Plantings
FAO also presented a preliminary forecast for wheat production in 2026. The global harvest is expected to decrease by about 3% to around 810 million tons, remaining above the average for the last five years.Farmers in the European Union, Russia, and the USA are reducing areas planted with winter wheat due to low prices. At the same time, forecasts in India are favorable: record plantings are supported by government measures. Positive expectations are also observed in Pakistan and overall in China.
Photo on the main page is illustrative: World Bank / P. Salazar.
