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Food prices may fall further in coming months-FAO economist
December 6, 2012 / 10:06 AM / 5 years ago

Food prices may fall further in coming months-FAO economist

ROME, Dec 6 (Reuters) - World food prices could fall further in coming months after declining in November to their lowest level since June, a senior economist at the United Nations Food and Agriculture Organisation (FAO) said on Thursday.

“Most likely we will see a continuation of the current trend, there is still scope for further declines,” FAO economist Abdolreza Abbassian told Reuters by telephone.

The FAO Food Price Index, which measures monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 211 points in November, down 3 points from October.

Abbassian said critically low reserves of some cereals meant that food prices were likely to remain volatile in the coming season.

FAO expects world cereal stocks at the close of crop seasons ending in 2013 to stand at around 495 million tonnes, down 5 percent from their opening level.

Reporting By Catherine Hornby

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