Food prices rose to almost two year highs in january, according to the UN’s Food and Agriculture Organisation (FAO).

Sugar and cereal prices led prices higher, even though FAO said global markets are well supplied. Overall, January food prices were 2.1 percent higher than in December 2016, and 16.4 percent higher than January last year, according to the FAO’s Food Price Index, which measures the price of a range of key food commodities.

Sugar prices surged almost 10 percent over fears of tighter supply from major producing nations, and cereal prices rose 3.4 percent from December to a six-month high, with wheat, maize and rice values all increasing. The rise in cereals was in response to some unfavourable weather conditions and reduced plantings on the USA.

Although food prices fell overall in 2016 (the fifth consecutive yearly drop in food prices), the increases seen in January mark a sixth consecutive monthly price increase for foods.

Dairy prices remained unchanged from December, having risen by 50 percent between May and December last year. Meat prices, too, remained virtually unchanged.

The UN organisation’s supply and demand brief also showed worldwide inventories of cereals are on course to reach an all-time record level by the end of seasons in 2017. The latest figures put global cereal stocks at 681 million tonnes, up 1.5 percent from levels forecasted in December.

FAO raised its estimates for global cereal output in 2016 by 15 million tonnes to 2,592 million tonnes, due primarily to larger-than-expected wheat harvests in Australia and Russia.