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World food prices dip in December, FAO says

Xinhua, January 8, 2015 Adjust font size:

World food prices resumed their downward trajectory in December, falling 1.7 percent, the United Nations Food and Agriculture Organization said Thursday.

Price edged a mere 0.1 percent higher in November, the only interruption in that streak. Overall, the index averaged 188.6 points in December, compared to 192.6 a month earlier.

FAO said prices averaged 202 points for the year as a whole, the third consecutive year prices fell year-on-year. For the full year, every commodity group fell except meat prices, which saw prices rise 8.1 percent in 2014 compared to 2013.

For December, the only commodity group to see a rise was prices for grains and cereals, which rose 0.4 percent. FAO said worries about Russian wheat experts pushed prices higher despite a fall in rice prices based on strong production in Asia.

Prices for oils and fats fell 2.3 percent, reaching their lowest levels since 2009. Dairy prices fell 2.3 percent and meat prices were 1.9 percent lower in December. Sugars fell 4.8 percent in the final month of the year.

The next installment of the FAO index, which is based on a basket of 55 goods and 73 price quotations in five major food commodity groups, will be released will be released February 5. Enditem