BUSI­NESS OF FAO

The Mercury - - BUSINESS REPORT WORLD -

DE­CLINE IN WORLD FOOD PRICES

WORLD food prices de­clined last month to their low­est level in more than two years, led down by much weaker veg­etable oil, dairy and ce­real prices, the UN food agency said yes­ter­day. The Food and Agri­cul­ture Or­gan­i­sa­tion’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, reach­ing its low­est level since May 2016. The Oc­to­ber fig­ure was pre­vi­ously given as 163.5. FAO said global ce­re­als out­put in 2018/19 was seen at 2.595 bil­lion tons, down marginally from the pre­vi­ous fore­cast and 2.4 per­cent be­low last year’s record high pro­duc­tion. FAO’s fore­cast for world wheat pro­duc­tion in 2018/19 was 725.1 mil­lion tons,

2.8 mil­lion tons lower than the pre­vi­ous fore­cast. I Reuters

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