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World food prices slightly lower UN body warns of volatile prices for the rest of the year due to decline in stockpiles and modest production increases
A UN agency says global food prices fell slightly last month, but they remain "at stubbornly high levels." The Food and Agriculture Organization (FAO) said high and volatile prices can be expected the rest of this year and into 2012, citing a decline in food stockpiles and modest production increases for most of the crops. The food prices dropped 1 per cent in May compared to the previous month, but remain 37 per cent above May 2010, according to a price index released Tuesday by the FAO. The agency said lower cereal and sugar prices led to the decrease in the May index, offsetting increases in meat and dairy prices. In its Food Outlook report, the FAO says the next few months will be crucial in determining how the major crops fare this year.
