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World food prices down again, nearing lowest point in nearly 7 years

Xinhua, February 5, 2016 Adjust font size:

World food prices started the year 2016 the same way they ended last year with another decrease in prices, with the United Nations Food and Agriculture Organization (FAO)'s Food Price Index slipping 1.9 percent to its lowest level in nearly seven years.

The main driver in the index, which was released Thursday, was sugar prices, which fell 4.1 percent compared to December 2015.

Prices for grains and cereals fell 1.7 percent compared to the previous month, pushed lower by rising competition in wheat and corn markets. Rice prices were flat compared to December.

Prices for oils and fats also fell 1.7 percent and meat prices were 1.1 percent lower than in the previous month.

With the latest figures, overall food prices have fallen 19 times in the previous 22 months. Prices are 16 percent lower than at the same month in 2015. The last time the FAO index at such low level was in April 2009.

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 March 3. Enditem