UN: World Food Prices Drop
ROME (AP) — A United Nations agency says prices of basic foods fell by 1.5 percent last month, with the international prices of all commodities except dairy products dropping.
The Rome-based Food and Agriculture Organization said Thursday that the decline puts the value of its November index nearly 3 percent below a year ago.
It said sugar prices underwent the sharpest drop, followed by oils and cereals.
Earlier this year the food agency had warned that bad weather, including severe drought in North America, could send prices soaring and trigger a repeat of the rioting and unrest that hit parts of the developing world in 2007-2008. But prices in recent months have been steadily declining.