Global food prices increased for the first time in five months, according to the U.N. Food and Agriculture Organization. The FAO food price index rose 1.1% in February compared to January, ending a five-month decline. Prices remain 1% below year-earlier levels and about 22% below the March 2022 peak following Russia's invasion of Ukraine.

This marks the first upward movement since September 2023, when prices had been trending downward. The increase was driven primarily by higher prices for vegetable oils and dairy products. While the modest rise breaks the recent downward trend, food prices remain significantly below the record highs reached during the initial Ukraine conflict shock.

The FAO's monthly index tracks the international prices of the most globally traded food commodities. The latest data suggests that while food price pressures have eased from the 2022 peaks, markets remain volatile and sensitive to geopolitical events and supply disruptions.