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World food maintains long period of low, stable prices: FAO

Xinhua, October 8, 2015 Adjust font size:

World food prices rose for just the second time in 18 months in September, the United Nations Food and Agriculture Organization (FAO) reported Thursday.

Despite the small rise, FAO said prices were continuing a long period of low and stable prices.

The overall FAO food price index averaged 156.3 points in September, up 0.6 percent compared to August and still 18.9 percent below levels in September 2014.

A separate report, FAO's Food Outlook, said prices for oils and fats and for grains and cereals gradually fell over the last two years, reversing a trend of sometimes dramatic price spikes between 2007 and 2011.

FAO said the strong U.S. dollar, low oil prices, and improved inventory and trade practices are behind the trend.

For September, prices for oils and fats dropped very slightly, while prices for grains and cereals were unchanged from August, held in check by lower prices for rice. Meat prices were also flat compared to August.

But dairy prices jumped 5 percent, mostly due to higher prices in New Zealand, and sugar prices rose 3.2 percent. Those two subindexes were behind the slight rise from the overall index.

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 Nov. 5. Endit