Global Food Prices Fall for Third Consecutive Month
The latest measure of global food prices indicates another month of decline. he Food and Agriculture Organization of the United Nation's monthly report released this week showed a 1.8% decline in April, compared to food prices in March. The FAO Food Price Index, however, is still 10% higher than year-ago levels. The Index consists of the average of five commodity group price indices, weighted with the average export shares of each of the groups for 2002-2004.
Prices for cereal crops were down 1.2% compared to March, and the Vegetable Oil Price Index dropped 3.9%. Dairy prices fell 3.3% in April, representing the second straight month of decline. Meat prices edged higher in April, up 1.8% from March, and the Sugar Price Index dropped 9.1% in April, compared to the month prior.
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