ROME, Italy – Global food prices fell 1.5% in November to their lowest level since June, with sugar, oils and cereals seeing the sharpest drops, the UN’s Food and Agriculture Organisation said on Thursday.
The Rome-based FAO’s Food Price Index averaged 211 points, down from 213 in October. The index had risen by 1.4% in September.
On a 12-month comparison, the index was down 3%.
Sugar prices fell mainly due to increased export capacity from Brazil, while cereal prices dipped because the prospect of export restrictions by Ukraine receded even though there was concern over supply prospects in South America.
The sugar price index fell 4.8% to 274 points, cereals dipped 1.5% to 256 points and oils slid 2.6% to 200 points.
The meat price index inched down just 0.7% to 175 points as the sector’s profit margins are squeezed by higher feed prices.
The dairy index also went down only 0.5% to 195 points. – Agence France-Presse