UN: Food prices dip in November, index down from a year ago
Grocery market owner Ray Martinez poses for a photo at La Playa Market in Inglewood, Calif. Thursday, Nov. 1, 2012. (AP / Damian Dovarganes)
The Associated Press
Published Thursday, December 6, 2012 6:33AM EST
Last Updated Thursday, December 6, 2012 7:51AM EST
ROME -- A United Nations agency says prices of basic foods fell by 1.5 per cent last month, with the international prices of all commodities except dairy products dropping.
The Rome-based Food and Agriculture Organization said Thursday that the decline puts the value of its November index nearly 3 per cent below a year ago.
It said sugar prices underwent the sharpest drop, followed by oils and cereals.
Earlier this year the food agency had warned that bad weather, including severe drought in North America, could send prices soaring and trigger a repeat of the rioting and unrest that hit parts of the developing world in 2007-2008. But prices in recent months have been steadily declining.