LONDON: The United Nations food agency’s world price index fell in February for a seventh consecutive month as lower prices for all major cereals more than offset the rising price of sugar and meat.

The Food and Agriculture Organization’s price index, which tracks the most globally traded food commodities, averaged 117.3 points in February, down from a revised 118.2 points the previous month, the agency said on Friday.

The February reading was the lowest since February 2021.

The cereal index fell 5% month-on-month in February to stand 22.3% below its level a year ago thanks to expectations of large maize harvests in South America and competitive prices offered by Ukraine.

Vegetable oil prices fell 1.3% in February from January to stand 11 percent below year ago levels amid prospects for abundant South America supplies. Rapeseed and sunflower oil prices also fell, thanks to ample exports.

The UN agency’s sugar index, by contrast, rose 3.2% month-on-month in February, reflecting persistent concerns over top producer Brazil’s upcoming output and forecast production declines in Thailand and India.