Rome: Global food prices declined in November, led by abundant inventories and sharp drops for palm oil and other vegetable oils, as well as declines in dairy products and cereals, the UN Food and Agriculture of the UN said.
The FAO Food Price Index averaged 160.8 points in November, down 1.3 percent from October and 8.5 percent from a year earlier, FAO said.
The index, an indicator of the monthly change in international prices of a basket of food commodities - cereals, oilseeds, dairy products, meat and sugar - is now at its lowest level since May 2016, FAO stated.
The FAO Vegetable Oil Price Index hit a 12-year low, declining 5.7 percent from October. Large palm oil inventories and abundant supplies of soy and sunflower oils fuelled the decline, according to FAO.
The FAO Cereal Price Index, covering wheat, coarse grains and rice, dropped 1.1 percent during the month, reflecting large export supplies of wheat, intensified export competition for maize and new crop arrivals of rice.
The FAO Dairy Price Index declined for the sixth consecutive month, falling 3.3 percent from October, as large stocks and increased availability of export supplies - especially from New Zealand - led to lower price quotations for butter, cheese and whole milk powder, said FAO. (IANS)
Also Read: Business News