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World food prices fall to lowest in more than two years in Nov: U.N. FAO

Reuters  |  ROME 

(Reuters) - World prices declined in November to their lowest level in more than two years, led down by much weaker vegetable oil, dairy and cereal prices, the agency said on Thursday.

The and Agriculture Organization's (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 160.8 points last month, down from a revised 162.9 in October, reaching its lowest level since May 2016.

The October figure was previously given as 163.5.

FAO said global cereals output in 2018/19 was seen at 2.595 billion tonnes, down marginally from the previous forecast and 2.4 percent below last year's record high production.

FAO's forecast for world wheat production in 2018/19 was 725.1 million tonnes, 2.8 million tonnes lower than the previous forecast.

(Reporting by Steve Scherer, editing by Giulia Segreti)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 06 2018. 14:44 IST
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