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World food prices resume downward trend in November after big jump in previous month

Xinhua, December 4, 2015 Adjust font size:

World food prices fell in November, giving back nearly half the gains from October, the Rome-based United Nations Food and Agriculture Organization reported Thursday, with prices falling broadly across all sectors except for sugar.

With the 1.6-percent fall in November, prices resumed the trend of the last 20 months, which have seen prices rise only three times and only once to a significant degree, a 3.9-percent increase a month ago.

Prices for grains and cereals, the biggest component in the index, fell 2.3 percent, due mostly to lower corn prices.

Oils and fats saw prices fall 3.1 percent, while prices for dairy products slipped 2.9 and meat prices were down 1.6 percent.

The only food commodity to see prices rise was sugar, which is now at its highest level since February. Production was hindered by unusually wet weather in Brazil, FAO said.

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 Jan. 7. Endit