The UN Food and Agriculture Organisation's food price index remained stable over February; global food prices have remained unchanged for two months now. The index, which measures the price of a basket of staple foodstuffs around the world, showed that, on average, food prices are 2.5 percent lower than they were a year ago.

Following a steady decrease in autumn 2012, food prices have held relatively stable since November. However, there have been price shifts between different food items; as cereals and sugar prices fell from highs reached last summer, oils and dairy products became more expensive over the winter. 

Cereal prices eased by just under one percent between January and February, but remain 8 percent higher than in February 2012. In July, prices for wheat and maize reached record highs when concern about the US drought sparked grain rallies. Over past months, rice prices have risen, wheat fallen and maize has remained generaly steady.

Overall prices for fats and oils were 0.4 percent higher than in January. A seasonal production slow-down which has driven palm oil prices higher is mainly responsible for the rise. In contrast, sugar fell by 3 percent, a fourth consecutive decline due to high worldwide production.

Dairy prices were 2.4 percent higher in February, the most substantial increase since September 2012. Falling production in Australia and other nations in Oceania due to heat and drought have led to price increases.

Meat prices remained stable, with poultry dropping slightly and pork prices rising by a similar amount. FAO said that meat prices have remained largely unchanged since October 2012.