The price of cereals, sugars, oils and meat around the world fell in January for the first time in three months.

The Food Price index published by the UN’s Food and Agriculture Organization, tracks the prices of internationally-traded food commodities.

While the overall trend was down, the price of diary products increased.

The Index averaged 203.4 points in January 2014, down 1.3 per cent from December.

Sandra Ferrari asked the FAO’s dairy and livestock market expert, Micheal Griffin, to explain in more detail.

Duration: 2'27"