Major food commodity prices fell in November, reversing about half their rise in the previous month, as the cost of internationally-traded staples, except for sugar, fell across the board, the UN food agency said in a statement.
The Food and Agriculture Organization said its Food Price Index averaged 156.7 points in November, down 1.6 percent from its revised October average, and 18 percent below its value a year earlier.
The FAO Cereal Price Index fell 2.3 percent, with coarse grain prices falling even more due to favourable harvests in the United States, the world’s largest maize producer and exporter. Vegetable oil prices fell 3.1 percent from October, aided by lower energy prices, and encouraging planting and production prospects for soy crops in South and North America.
FAO’s Dairy Price Index also fell 2.9 percent amid thin volumes, suggesting that major importers have adequate stocks. Meat prices also fell, while sugar rose strongly for the third month in a row.
The FAO Food Price Index is a trade-weighted index tracking international market prices for five major food commodity groups.