FAO: World Food Price Index Falls Near 3-Year Lows in January

Displaced Palestinians in the Gaza Strip trying to obtain food aid in the south of the Strip. (dpa)
Displaced Palestinians in the Gaza Strip trying to obtain food aid in the south of the Strip. (dpa)
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FAO: World Food Price Index Falls Near 3-Year Lows in January

Displaced Palestinians in the Gaza Strip trying to obtain food aid in the south of the Strip. (dpa)
Displaced Palestinians in the Gaza Strip trying to obtain food aid in the south of the Strip. (dpa)

The United Nations food agency's world price index fell in January to its lowest level in nearly three years, driven by declines in cereals and meat.

The Food and Agriculture Organization's (FAO) price index, which tracks the most globally traded food commodities, averaged 118.0 points in January, down from 119.1 the previous month, the agency said on Friday.

The January reading was the lowest since February 2021.

"Global wheat export prices declined in January driven by strong competition among exporters and the arrival of recently harvested supplies in the southern hemisphere countries," the FAO said in its monthly update.

The FAO also said maize (corn) prices fell sharply, reflecting improved crop conditions and the start of the harvest in Argentina and larger supplies in the United States.

The meat price index declined for the seventh consecutive month as abundant supplies from leading exporting countries drove down international prices of poultry, bovine, and pig meats, the FAO said.

In a separate report, the FAO said world cereal production in 2023 was on track to hit an all-time record high of 2.836 billion metric tons – up 1.2% from 2022. Global coarse grain output was pegged at an all-time high of 1.523 billion tons, following a 12-million-ton upward adjustment this month.

"The bulk of the revision reflects new official data from Canada, China (mainland), Türkiye, and the US, where a combination of higher yields and larger harvested areas than previously expected has led to higher maize (corn) production estimates," the FAO said.



Tesla Shares Fall as Musk's 'America Party' Riles Investors

3D printed miniatures of US President Donald Trump and Elon Musk, and Tesla logo are seen in this illustration taken July 1, 2025. REUTERS/Dado Ruvic/Illustration
3D printed miniatures of US President Donald Trump and Elon Musk, and Tesla logo are seen in this illustration taken July 1, 2025. REUTERS/Dado Ruvic/Illustration
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Tesla Shares Fall as Musk's 'America Party' Riles Investors

3D printed miniatures of US President Donald Trump and Elon Musk, and Tesla logo are seen in this illustration taken July 1, 2025. REUTERS/Dado Ruvic/Illustration
3D printed miniatures of US President Donald Trump and Elon Musk, and Tesla logo are seen in this illustration taken July 1, 2025. REUTERS/Dado Ruvic/Illustration

Tesla shares fell over 3% on Monday, under pressure from investor concerns about the focus of boss Elon Musk after he announced he would form a new US political party, marking a new escalation in his feud with President Donald Trump.

Tesla stock fell over 3% in Frankfurt, pointing to another decline once premarket trading gets underway following the three-day weekend for Independence Day, Reuters said.

Veteran tech analyst Dan Ives of Wedbush said Musk was Tesla's "biggest asset" and his decision to dive deeper into politics would likely put the company's shares under pressure.

"Tesla needs Musk as CEO and its biggest asset and not heading down the political route yet again...while at the same time getting on Trump's bad side," Ives said in a note on Sunday.

"It would also not shock us if the Tesla board gets involved at some point given the political nature of this endeavor depending on how far Musk takes it."

Trump on Sunday called Musk's plans to form the "America Partyridiculous," launching new barbs at the tech billionaire and saying the Musk ally he once named to lead NASA would have presented a conflict of interest given Musk's business interests in space.