Food prices slump but are still more than 2% higher than a year ago
Rome — World food prices fell slightly in October from the previous month, as valuations dropped for all food commodities apart from cereals, the UN food agency said on Thursday. Prices remain 2.5% higher than they were last October but are now 27% below the record high hit in February 2011. Agricultural commodities have emerged from a highly volatile period and the UN Food and Agriculture Organisation (FAO) has said it expects them to remain stable over the next decade. The FAO index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 176.4 points in October, down 1.3% from September. Dairy prices were the biggest faller among the commodities measured in October, falling 4.2% as importers held back on purchases while awaiting new supplies, while prices for skim milk powder were pushed down by low demand and ample stocks. Cereals markets are likely to be balanced in 2017-18, the FAO said, forecasting that global production woul...
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