The United Nations’ FAO food price index inched higher by 0.8 points to 127.2 in April. This small rise is the first gain in the global food index since April of 2022. The total index level is 20% below the corresponding month last year.

Looking into the sub-components of the index, cereals, vegetable oils and dairy all trended lower. Meat posted a small gain, while sugar prices surged.

The sweet commodity gained 17.6% from March, hitting the highest level since October 2011. The surge was driven by downward revisions to output forecasts for India and China and a slow start to the harvest in Brazil due to above-average rainfall.

On dairy and meat, the UN said increased dairy purchases by China prevented a potentially steeper fall in world price of whole milk powder.

The gain in meat was driven by gains in pork in Asia and a rise in beef mainly due to lower supply of cattle for slaughter, particularly in the US.