Global food prices down after 3 months: FAO

(Rome) – Global food prices declined for the first time in three months as lower prices for cereals, sugars, oils and meat outstripped gains in dairy products, the UN’s Food and Agriculture Organisation (FAO) reported. The Rome-based agency said its food price index averaged 203.4 points in January, which is 1.3 percent below December and 4.4 percent below January 2013.
The index measures monthly changes in international prices of a basket of meat, dairy, cereals, oils and fats, and sugar.
“We’re seeing lower prices due to abundant supplies, but stronger upturn in demand, such as an increase in the pace of imports from Asia, could limit the decline,” said FAO economist Abdolreza Abbassian.