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FAO Food Price Index rises in February for first time in five months

International quotations for skim and whole milk powders increased notably amid strengthening import demand from North Africa, the Near East and Southeast Asia, while world butter prices registered their first monthly rise since reaching an all-time high in June 2025.

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The Food and Agriculture Organization of the United Nations (FAO) reported that the world food commodity prices rose in February, ending a five-month downward trend, as higher quotations for wheat, most vegetable oils and several meat types outweighed declines in cheese and sugar prices.

According to the new update released by the global food body, the he FAO Food Price Index, which tracks monthly changes in the international prices of a basket of globally-traded food commodities, averaged 125.3 points in February, up 0.9 percent from its revised January level while still 1.0 percent below its level a year earlier.

The FAO Cereal Price Index increased by 1.1 percent from January, driven primarily by higher world wheat prices reflecting reports of frosts in parts of Europe and the United States of America as well as ongoing logistical disruptions within the Russian Federation and the wider Black Sea region. International coarse grain prices also posted a modest increase, while the FAO All Rice Price Index edged up by 0.4 percent from the previous month, supported by sustained demand for basmati and Japonica varieties.The FAO Vegetable Oil Price Index increased by 3.3 percent in February, reaching its highest level since June 2022.

International palm oil prices rose amid firm global import demand and seasonally lower outputs in Southeast Asia, while world soyoil prices increased on expectations of supportive biofuel policy measures in the United States of America.

The FAO Vegetable Oil Price Index increased by 3.3 percent in February, reaching its highest level since June 2022.

Rapeseed oil prices rebounded, driven by prospects of stronger import demand for Canadian supplies. By contrast, sunflower oil prices eased moderately, partly due to rising export supplies from Argentina.

The FAO Meat Price Index increased by 0.8 percent from January, as ovine meat prices reached an all-time high and bovine meat prices rose on the back of strong import demand from China and the United States of America. Prices of pig and poultry meats edged up slightly from January.

The FAO Dairy Price Index declined by 1.2 percent, driven primarily by lower cheese prices.

International quotations for skim and whole milk powders increased notably amid strengthening import demand from North Africa, the Near East and Southeast Asia, while world butter prices registered their first monthly rise since reaching an all-time high in June 2025.

The FAO Sugar Price Index was down by 4.1 percent from January and by as much as 27.3 percent compared with February 2025 amid expectations of ample global supplies in the current season.

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International

Japan opens door to global arms market with overhaul of defence export rules

“No single country can now protect its own peace and security alone, and partner countries that support each other in terms of defence equipment are necessary,” Japanese Prime Minister Sanae Takaichi said in a post on X.

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Japan’s old warship / Reuters image

Japan on Tuesday unveiled its biggest overhaul of defence export rules in decades, scrapping restrictions on overseas arms sales and opening the way for exports of warships, missiles and other weapons.

According to Reuters, the move aimed at strengthening Japan’s defence industrial ‌base marks another step away from the pacifist restraints that have shaped its postwar security policy.

Wars in Ukraine and the Middle East are also straining U.S. weapons production, expanding opportunities for Japan.

At the same time, U.S. allies in Europe and Asia are looking to diversify suppliers as Washington’s long-held security commitments look less certain under President Donald Trump.

“No single country can now protect its own peace and security alone, and partner countries that support each other in terms of defence equipment are necessary,” Japanese Prime Minister Sanae Takaichi said in a post on X.

The revision approved by Takaichi’s government removes five export categories that had limited most military exports to rescue, transport, ⁠warning, surveillance and mine-sweeping equipment.

Ministers and officials will instead assess the merits of each proposed sale.

Japan will keep in place three export principles that commit it to strict screening, controls on transfers to third countries and a ban on sales to countries involved in conflict.

But in a presentation outlining the changes, the government said exceptions could be made when deemed necessary for national security.

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South Korea Successfully Navigates First Oil Tanker Through Red Sea Amid Strait of Hormuz Blockade

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A South Korean oil tanker has safely transited the Red Sea, marking the country’s first successful crude oil shipment via this alternative route since the effective closure of the Strait of Hormuz earlier this year.

The development comes as South Korea intensifies efforts to secure its energy supplies amid ongoing geopolitical tensions and the blockade of one of the world’s most vital oil chokepoints, triggered by the prolonged conflict involving Iran.

According to the Ministry of Oceans and Fisheries, the tanker, which loaded crude oil at Yanbu port in Saudi Arabia on the Red Sea, has now exited the waterway. President Lee Jae-myung welcomed the news, describing it as a positive step for the nation’s energy security.

“It is good news that our vessel is transporting crude oil via the Red Sea for the first time since the blockade of the Strait of Hormuz,” President Lee posted on social media, commending officials and the crew for their efforts.

The move forms part of a broader strategy to diversify import routes and reduce reliance on the blocked Strait of Hormuz.

South Korea has already secured more than 270 million barrels (approximately 273 million barrels according to some reports) of crude oil and naphtha from the Middle East and Kazakhstan through alternative channels unaffected by the crisis.

These supplies are expected to sustain the country’s needs for several months.

Officials noted that the government plans to deploy additional Korean-flagged vessels to the Red Sea port of Yanbu in phases to further stabilise imports, despite risks such as potential threats from Houthi rebels in the region.

The successful transit highlights growing global shifts in energy logistics, as import-dependent nations adapt to disruptions in traditional shipping routes caused by the ongoing Middle East conflict.

South Korea, which relies heavily on Middle Eastern oil, continues to explore bypass options, including discussions on alternative pipelines and storage facilities, to ensure uninterrupted energy flows and protect its economy from volatility.

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International

BBC to Cut 2,000 Jobs in Biggest Downsize in 15 Years

The corporation announced a £600 million cost-cutting plan in February, saying that it would involve a reduction in headcount and the end of some programming.

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The BBC is to cut as many as 2,000 jobs in the biggest downsizing of the public service broadcaster in 15 years.

Staff were informed of the cuts, which will affect about 10 percent of the BBC’s 21,500 employees, at an all-staff meeting on Wednesday afternoon, the Guardian UK reported yesterday.

The round of job losses, the biggest at the BBC since 2011, is being set in motion before the former top Google executive Matt Brittin takes over as director general next month.

The corporation announced a £600 million cost-cutting plan in February, saying that it would involve a reduction in headcount and the end of some programming.

Tim Davie, the outgoing director general, said at the time that the BBC would need to cut 10 per cent of its approximately £6 billion annual cost base over the next three years.

Davie left the BBC on April 2, having announced his resignation in November after controversy over coverage of issues including Donald Trump, Gaza and trans rights.

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