World food prices in April reach lowest levels in nearly five years: FAO

World food prices dropped yet again in April, reaching their lowest levels in nearly five years, with prices rising in just one of five commodity groups monitored, the United Nations Food and Agriculture Organization reported Thursday.

Prices have now dropped in 12 of the past 13 months and are 19.2 percent lower than a year ago. The last time prices were this low was in June 2010.

The FAO World Food Price Index averaged 171 points in April, and, according to a separate publication, FAO's Food Outlook, downward pressure should continue: the publication said that "abundant" domestic food inventories had pushed the worldwide food import bill to five-year lows.

Dairy prices, the only component to rise in March, dropped 6.7 percent in April to pace the index. Cereals and grains, the largest component in the index, saw prices fall 1.3 percent despite a slight rise in rice prices.

Prices for oils and fats fell 1.5 percent, and sugars were down 1.3 percent.

The only component to rise was meat prices, where prices were up 1.7 percent.

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 on June 4. Endit