World food prices lowest in 7 years: FAO

supermarket, aisleThe price of international food commodities slumped in August to their lowest level in almost seven years, the Food and Agriculture Organisation says.

The UN body said the prices of almost all commodities measured in its Food Price Index dropped last month, including milk, vegetable oils, sugar and cereals.

“Ample supplies, a slump in energy prices and concerns over China’s economic slowdown all contributed to the sharpest fall of the FAO Food Price Index in almost seven years,” it said in a statement on Thursday.

In contrast, meat prices in August remained virtually unchanged from the previous month, although overall they are still down 18 per cent from the peak of August 2014.

AFP

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