PARIS, Feb 6 (Reuters) – World food prices fell for a fifth straight month in January, led by declines ​in dairy, sugar and meat products, the United Nations’ ‌Food and Agriculture Organization said on Friday.

The FAO’s food price index, which ‌tracks monthly changes in a basket of internationally traded food commodities, averaged 123.9 points in January, down 0.4% from December and 0.6% from a year earlier, the agency said.

The index was 22.7% ⁠below its peak struck ‌in March 2022 after Russia’s full-scale invasion of Ukraine.

Dairy prices showed the largest drop among the ‍main product groups, down 5% month on month, driven by lower cheese and butter prices.

Meat prices slipped 0.4% as lower pig meat prices ​outweighed increases in poultry prices.

Sugar prices fell 1% from December ‌and were 19.2% lower than a year earlier, reflecting expectations of increased supplies.

Cereals and vegetable oils rose last month, however.

FAO’s cereal index edged up by 0.2% as stronger rice prices linked to firmer demand offset slightly weaker quotations for other major ⁠cereals.

The vegetable oil index climbed 2.1% ​as higher palm, soy and sunflower ​oil prices outweighed lower rapeseed oil quotations.

In a separate report, the FAO raised its estimate on 2025 ‍global cereal production ⁠to a record 3.023 billion metric tons, citing higher wheat yields and improved maize prospects.

It also said world cereal ⁠stocks were set to expand in the 2025/26 season, lifting the global ‌stocks-to-use ratio to 31.8%, its highest since 2001.

(Reporting by ‌Gus TrompizEditing by David Goodman)