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FAO: World food prices dip to 4-year low in September

World food prices fell to their lowest since August 2010 in September as prices of all major food groups except meat dropped, led by a sharp decline in dairy and sugar prices, the UN's food agency said on Thursday.

World food prices fell to their lowest since August 2010 in September as prices of all major food groups except meat dropped, led by a sharp decline in dairy and sugar prices, the UN's food agency said on Thursday.

The Food and Agriculture Organisation's price index, which measures monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 191.5 points in September, down 5.2 points or 2.6 percent from August.

The figure was 12.2 points or 6 percent below September 2013.

FAO raised its forecast for global cereal production for 2014 to 2.523 billion metric tons, 65 million metric tons higher than its May forecast.

The agency also raised its world wheat output forecast to 718.5 million metric tons, a new record, versus 716.5 million metric tons previously, and predicted world cereals stocks at the end of the 2015 season would be 627.5 million metric tons, versus 616 million metric tons in its previous forecast.

Related Topics: FOOD
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