Global food prices show signs of stabilization

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A local trader measures oil at the voucher distribution centre at Abu Shouk Camp for Internally Displaced Persons (IDPs) in North Darfur, Sudan. UN Photo/Albert González Farran

World food prices stabilized in October, according to the monthly report of the UN Food and Agriculture Organization (FAO).

The FAO's Food Price Index recorded its seventh consecutive monthly decline as the agency raised its forecast for a record global wheat output this growing season.

The ongoing slight decline in the index has been described by FAO senior economist, Concepción Calpe as "very good" for food importing countries.

"Overall the food price index was relatively stable. There was, however, at the level of different sectors a little bit more changes. For instance, prices for sugar went up quite significantly relative to the other commodities, so did oils. And we have seen the dairy products and meat prices fall somewhat. On the other hand, cereals, which are the most important commodity for food security, their price was relatively stable." (30")

Meanwhile, FAO's monthly Cereal Supply and Demand Brief, which was also released on Thursday, trimmed back the agency's forecast for 2014 world cereal production by about one million tonnes.

It says the full-year production figure of 2.5 billion tonnes would be 3.7 million tonnes below the record output in 2013.

Stephanie Castro, United Nations

Duration:  1’22″

 

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