World food prices soften

WORLD food prices fell slightly in October from the previous month as valuations dropped for all food commodities apart from cereals, the UN food agency said yesterday. Prices remain 2.5 percent higher than they were last October but are now 27 percent below the record high hit in February 2011. Agricultural commodities have emerged from a highly volatile period, and the UN Food and Agriculture Organisation (FAO) has said it expects them to remain stable over the next decade. The FAO index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 176.4 points in October, down 1.3 percent from September. Dairy prices were the biggest faller among the commodities measured in October, falling 4.2 percent. – Reuters