Monthly decline reflects lower prices of vegetable oils, dairy products, says UN agency
Global food prices fell 0.6% in February, the 11th consecutive monthly decline, the UN Food and Agriculture Organization (FAO) reported on Friday.
The FAO Food Price Index averaged 129.8 points in February, decreasing from 130.6 points in January.
The fall reflected significant drops in the price indices of vegetable oils and dairy, together with fractionally lower cereals and meat indices,which more than offset a surge in the sugar price index, the FAO reported.
The FAO food price index is a trade-weighted index that tracks international market prices of five major food commodity groups.
The vegetable oil price index fell 3.2%, pushed down by lower prices of palm, soy, sunflower seed, and rapeseed oils.
The FAO dairy price index slipped 2.7%, with butter and skim milk powder international quotations posting the steepest decline.
The FAO sugar price index, on the other hand, soared 6.9% from January to a six-year high.
The price indices for cereal and meat remained unchanged.