Food prices drop for second consecutive month in May

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A local grain market in Tachilek, Myanmar. UN Photo/Kibae Park

Food importing countries received "good news" in May as international food prices went down slightly for the second consecutive month according to the UN Food and Agriculture Organization (FAO).

In its latest Food Price Index, FAO says the drop in food prices continued to retreat from the ten-month high experienced in March.

The Index is based on the prices of a basket of internationally-traded food commodities.

In April, ample supplies of dairy products, cereal and vegetable oil resulted in the drop in prices.

Concepcion Calpe is a Senior Economist with FAO.

'That was good news in the sense that the price index showed a slight decline from the previous month, which is very good for consumers and especially for importing countries. We are speaking about international price and we are not speaking about domestic prices. This small decline was about one per cent not more than that and it covered more or less all the commodity groups that are included in the Price Index." (25")

However, sugar prices went against the trend, making strong gains in May, while meat remained firm.

Sophie Outhwaite, United Nations.

Duration: 1’13″

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