Food Prices Drop Slightly

The Food Price Index averaged 129.8 points in February 2023, down 0.6% from January and continuing the downward trend for the eleventh-consecutive month.

As of February, the index has dropped 30 points from the peak it reached in March 2022.

The marginal decline in February reflected significant drops in the price indices of vegetable oils and dairy together with smaller drops in cereals and meat indices.

The sugar price index was the only one to rise sharply, up 8.1 points to 124.9 in February.

The Cereal Price Index averaged 147.3 points in February, down a fraction from January and two points above its level one year ago.

The Dairy Price Index was 131.3 points, 3.6 points lower than in January, and the Meat Price Index dropped fractionally to 112 points.