NEW YORK: The UN Food and Agriculture Organization has said that world food prices have declined for the 3rd consecutive month in October, though at a slower pace, Western media reported on Friday.
The FAO Food Price Index averaged about 120.3 points in the last month, reflecting a decline of 0.5% from September.
Food Prices Fall in October: FAO
The slight decrease in October is attributed to low price indices for cereals, sugar, vegetable oils, and meat. The UN organization food price index is a trade-weighted index that tracks global market prices of 5 major food commodity groups.
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The main price index went decline by one percent from the last month due to lower wheat and rice prices. The vegetable oil price index declined for the 3rd month in a row, falling 0.7 percent on monthly basis.
The meat price index edged declined by 0.6 percent marking the 4th consecutive monthly decrease with slow import demand leading to a decrease in the global prices of meat.
