World food prices at lowest in more than 2 years

World food prices declined in November to their lowest level in more than two years, led by declines in vegetable oils, dairy and cereal, the UN food agency said on Thursday.

The Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 160.8 points last month, down from a revised 162.9 in October, and its lowest level since May 2016.

The October figure was previously given as 163.5. In November, only the sugar price index gained, rising 4.4 percent from October, FAO said.

The UN body’s Cereal Price Index averaged almost 164 points in November, down 1.1 percent from October. Vegetable oil prices fell for a 10th month, by 7.6 percent on the month and reaching a 12-year low.