Food commodity markets, in particular for cereals, are set to be more balanced in 2013/14, according to FAO Food Outlook report published on Thursday. World food imports in 2013 are tentatively forecast at 1.09 trillion dollars, close to last year's level, but 13% below the record of 2011, the biannual report on global food markets said.
The FAO Food Price Index (FPI) crept higher by one percent in March compared with a month before, driven mainly by an 11% increase in dairy. Dairy products carry a 17% weight among the various commodity prices included in the calculation of the overall FPI.