Global food prices continue to drop: FAO

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Food prices dropped in August

Food prices dropped for the fourth month in a row in August reaching its lowest level since June 2012, according to the UN Food and Agriculture Organization, FAO.

The FAO Food Price Index measures the monthly change in the international prices of a basket of food commodities.

The Index averaged 201.8 points in August 2013, nearly 4 points below its July value and 11 points less than in August 2012.

FAO says last month's decline was mainly driven by continued falls in international prices of cereals and oils.

According to FAO, there was a steep decline in cereal prices which reflects expectations for a strong growth in world cereal production this year and, especially, a sharp recovery in maize supplies.

FAO also says that the production of cereal, rice and maize is expected to increase in 2013.

However, FAO says that dairy, meat and sugar prices rose slightly.

 

It says prices for all the dairy products that make up the index, except butter, increased last month as export supplies remain limited in major trading countries.

Donn Bobb, United Nations.

Duration: 1'04"

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