- freeimages.com/SarejTheFAO, in its monthly food price index, said global food prices have stabilized after several volatile years.
The Food and Agriculture Organization (FAO), in its monthly food price index, said global food prices have stabilized after several volatile years. The food price index tracks the prices of major food commodities, such as vegetable oils, sugar, cereals, meat and dairy products on international markets.
The FAO says the food price index has been stable for three consecutive months, with average prices 6.4 percent below those of November 2013.
“The index appears to have bottomed out with higher probabilities for a rise in its value in coming months,” said FAO senior economist Abdolreza Abbassian.
Vegetable oils and grains were up slightly in November. Sugar was down 3.2 percent since October. Dairy prices were down 3.4 percent from October. Meat prices are at a historically high level, but stable in November compared with the previous month. Cereal prices were up significantly for the first time since March, 2.6 percent higher than in October. Vegetable oil prices were down 17 percent from last year, but up slightly from October.