Global Food Prices Slightly Lower in November

A measure of global food prices decreased in November largely due to a decline in dairy values.  The Food and Agriculture Organization of the United Nations monthly Food Price Index averaged 175.8 points in November, down 0.5%, from October.  However, the index is still four points, or 2.3%, higher than the same time last year.

November saw a sharp rise in sugar and vegetable oil, but those increases were offset by a fall in dairy values, while international prices of cereals and meat products remained relatively unchanged.  Cereal prices were unchanged for the month, but up 8% since a year ago.

The Vegetable Oil Price Index rose 1.2 percent in November, while sugar prices increased 4.5 percent. Meat prices were nearly unchanged, and dairy prices fell 4.9 percent in November, but remain 9.6 percent higher than the same time last year.

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