Global food prices dipped in August, mainly as the prospect of bumper cereal harvests pushed up expectations for larger grain inventories. The FAO Food Price Index declined 1.3% from July, averaging 176.6 points in August.
Global food prices monitored by FAO fell in March amid large available supplies and expectations of strong harvests. The FAO Food Price Index averaged nearly 171 points in March, marking a 2.8 percent drop from the previous month while remaining 13.4 percent above its level a year earlier.
The FAO Food Price Index averaged 206.3 points in November 2013, almost unchanged from the revised value of 206.6 points in October, but 9.5 points (4.4%) below its November 2012 value. A sharp decline in sugar prices last month nearly offset the rise in oils. Cereals averaged slightly lower but meat and dairy values were stable.
Following two months of stability, the FAO Price Index rose slightly in September 2012, up 1.4%, or 3 points, from its level in August. The Index, based on the prices of a basket of internationally traded food commodities, climbed to 216 points in September from 213 points in August.