Global food prices dip in October: UN
ROME: Global food prices dipped by 1.0 per cent in October after rising 1.4 per cent in September, due to a drop in the price of cereals and oils, the UN Food and Agricultural Organization said Thursday.
“The FAO Food Price Index averaged 213 points in October 2012, down 2 points (1.0 per cent) from September,” it said in the monthly food outlook report.
According to the FAO’s index, a monthly measure of changes in a basket of food commodities, prices averaged 8.0 per cent lower during the first ten months of this year compared to the same period last year.
The drop in cereals and fats “more than offset increases in sugar and dairy prices, while meat values remained unchanged,” the Rome-based agency said.
The Cereal Price Index averaged 259 points in October, down 3 points (1.2 per cent) from September, while the Oils/Fats index dropped 18 points from September and the Meat index remained stable.
The drop in wheat prices was due to reduced trade activity, while maize values were hit by slowing demand from the livestock and industrial sectors.