UN Food Agency Reports Low Global Food Prices

According to the United Nation’s Food and Agriculture Organization, global food prices were at a six-month low in this past month of July. This was mostly due to the decreases in dairy, grains and oilseeds which evened out the rising prices of meat and sugar. FAO’s price index measures the price changes for oilseed, dairy, meat, sugar and baskets of cereals. The index averaged 203.9 points in July, a 4.4 point difference compared to June, or  a 2.1% decrease. This 203.9 figure was 1.7% below that of the previous July 2013.

The Food and Agriculture Organization’s cereal price index which was down 5.5 percent from June, and significantly lower than last year’s figure. According to the food agency this was due in main part to the expectation of large quantities of exportable supplies and the excellent production possibilities in many major producing countries. FAO raised its projection for global cereal production from 18 million tonnes to 2.498 billion tones and also increased the world outlook for cereal stocks to being 5% higher than the previous estimate which was set at 576 million tonnes.

To read more about the statistics surrounding the six-month low in world food prices from FAO, click here 

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