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Food prices fall in November amid robust global inventories, UN agency says

Xinhua, December 4, 2015 Adjust font size:

The Food and Agriculture Organization (FAO) on Thursday reported that major food commodity prices fell in November, reversing about half their rises in the previous month, as the cost of internationally-traded staples, except sugar, went down across the board, a UN spokesman told reporters here.

The FAO Food Price Index averaged 156.7 points in November, down 1.6 percent from its revised October average, and 18 percent below its value a year earlier, UN spokesman Stephane Dujarric said at a daily news briefing here.

The FAO Cereal Price Index fell 2.3 percent, with coarse grain prices falling even more due to favorable harvests in the United States, the world's largest maize producer and exporter.

The FAO Food Price Index is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of five commodity group price indices, weighted with the average export shares of each of the groups for 2002-2004 period. Enditem