World food prices fall 1pct in December

  • 08/01/2016

Global food prices fell in December, with all food commodities in the index falling apart from sugar and oils, the United Nations food agency says.

The Food and Agriculture Organisation's (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 154.1 points in December versus a revised 155.6 points the month before.

December's 1 percent drop rounded off a year in which global food prices plunged nearly 19 percent, their fourth consecutive annual decline.

"Abundant supplies in the face of a timid world demand and an appreciating US dollar are the main reason for the general weakness that dominated food prices in 2015," said FAO senior economist Abdolreza Abbassian.