Bloomberg: “A United Nations’ index of food-commodity costs fell 0.8% in January, a 10th straight drop and the longest run in data going back to 1990. Prices have slipped 18% from a record in March, when Russia’s invasion of Ukraine disrupted crop flows from the major supplier.

Still, the UN gauge remains historically high and it takes a while for changes to filter though to what people pay at the grocery store.”

Analyst Comment: Some relief looks to be in store over the next couple of months, however, it is not all positive: Cattle herd declines, avian flu, high energy costs, fertilizer disruptions and increasing regulatory pressure will keep food prices elevated above their pre-pandemic levels.