Global food prices dropped marginally in November, the eight consecutive monthly fall, the United Nations' Food and Agriculture Organization (FAO) announced on Friday.
The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 135.7 points last month down from 135.9 for October. The index is now only 0.3 percent above its level in November 2021.
Global cereal prices declined by 1.3 percent from the October, although it was still up 6.3 percent from its value a year ago. World wheat and maize prices declined in November by 2.8 percent and 1.7 percent, while international rice prices edged up by 2.3 percent.
The FAO Vegetable Oil Price Index increased by 2.3 percent in November. International palm and soy oil prices rose, while prices of rapeseed and sunflower oils dropped.
In November, prices of dairy and meat products also declined, while sugar prices rose 5.2 percent.
In separate cereal supply and demand estimates, the FAO lowered its forecast for global cereal production in 2022 to 2.756 billion tons from a previous projection of 2.764 billion tons estimated in November. That is 2 percent below the estimated output for 2021.