The Food and Agriculture Organisation (FAO) says the global food prices reached a new record peak in January. In an update of its Food Price Index, the FAO warned that food prices have been steadily rising since the last seven months. The food price index averaged 231 points in January, up 3.4 per cent from December 2010. The rise, the highest since FAO started measuring food prices in 1990, was mainly due to surging international wheat and maize prices amid tightening supplies. The FAO ruled out a new food crisis similar to that of 2007-2008 but urged countries not to underestimate hiking food prices, especially in front of a long- term trend which may trigger excessive market volatility. FAO economist and grains expert Abdolreza Abbassian said these high prices are likely to persist in the months to come.