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Global Food Price Index falls
ISLAMABAD: The ‘Food Price Index’ dropped for the fourth month in a row in August reaching its lowest level since June 2012, the United Nations Food and Agriculture Organisation (FAO) announced on Thursday.
The index, which measures the monthly change in the international prices of a basket of food commodities, averaged 201.8 points in August 2013, nearly 4 points (1.9 per cent) below its July value and 11 points (or 5.1pc) less than in August 2012.
Last month’s decline was mainly driven by continued falls in the international prices of cereals and oils. Dairy, meat and sugar prices rose slightly. The FAO Cereal Price Index averaged 210.9 points in August, down 16.4 points (7.2pc) from July and 49.4 points (or 19pc) from August 2012.
The steep decline reflects expectations for a strong growth in world cereal production this year and, especially, a sharp recovery in maize supplies.
http://dawn.com/news/1040837/world-cereal-production-to-rise-fao
