The FAO Food Price Index edged up in February 2026, snapping a five-month losing streak as higher prices for cereals, meats and vegetable oils outweighed declines in dairy and sugar.

The FAO Food Price Index (FFPI) averaged 125.3 points in February 2026, up 0.9 percent from its revised January level — the first monthly increase since August 2025. Despite the uptick, the index remained 1.0 percent below year-ago levels and still nearly 22 percent below the historic peak of March 2022.

Vegetable oils led the gains, with the sub-index climbing 3.3 percent to its highest level since June 2022. Palm oil rose for a third consecutive month on firm global demand and seasonally lower Southeast Asian output, while soy oil prices were lifted by expectations of pro-biofuel policy measures in the United States.

Meat prices also rose, with the ovine category hitting a new record high amid tight supplies from Oceania. Bovine prices were supported by strong buying interest from China and the United States. Cereals gained 1.1 percent, driven by frost concerns in Europe and the U.S., as well as ongoing logistical disruptions in the Black Sea region.

On the downside, sugar prices fell to their lowest point since October 2020, pressured by ample global supply forecasts including a projected record U.S. output. Dairy prices extended a decline that began in July 2025, weighed down by a cheese price slump in the European Union.