World food prices fall 1.6 pct in November – FAO

ROME, Safar 21, 1437, December 03, 2015, SPA –World food prices fell in November for the first time in three months, pulled down by a strong dollar and ample supplies, the United Nations food agency said on Thursday, according to Reuters.

The Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 156.7 points in November against a revised 159.3 points the month before.

The 1.6 percent decreased follows two consecutive months of gains, although food on international markets in November remained 18 percent cheaper than one year ago, FAO said.

The index has been sliding for most of the past 20 months, thanks partly to an abundant global supply, and is still less than two points above a six-year low hit in August.

FAO cut its forecast for world cereal output in 2015-16 to 2.527 billion tonnes, from a previous estimate of 2.530 billion tonnes. It lowered its world wheat output forecast for 2015/16 to 734.5 million tonnes from 736.2 million tonnes previously.
–SPA
13:46 LOCAL TIME 10:46 GMT