November 1, 2018 / 9:20 AM / 20 days ago

World food prices fall 0.9 percent in October: U.N. FAO

MILAN (Reuters) - World food prices fell 0.9 percent in October from the month before, reflecting lower values for meat, dairy and oils, the United Nations food agency said on Thursday.

The Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 163.5 points last month, against a slightly revised 164.9 in September.

The September figure was previously given as 165.4.

FAO said global cereals output in 2018 was seen at 2.601 billion tonnes, up nearly 10 million tonnes on the previous forecast given in October, but still down 57 million tonnes, or 2.1 percent, from 2017’s record production level.

FAO’s forecast for world wheat production in 2018 was 728 million tonnes, down 4.3 percent from last year.

Reporting by Agnieszka Flak, editing by Giulio Piovaccari

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