The Food and Agriculture Organization of the United Nation's (FAO's) monthly food-price index registered dropped again in August, maintaining its five-month downward run and reaching its lowest level since September 2010.
However, meat averaged 207.3 points in August, 2.5 points (1.2%) more than in July and 25 points (14%) above last year.
FAO's Food Price Index is a trade-weighted index that measures prices of five major food commodities on international markets: in addition to sub-indices for prices of cereals, it also tracks meat, dairy products, vegetable oils, and sugar. The index's August average of 196.6 points represents a decrease of 7.3 points (3.6%) from July. With the exception of meat, prices for all of the commodities measured by the index dipped markedly.
Dairy products averaged 200.8 points in August, down 25.3 points (11.2%) versus July and 46.8 points (18.9%) compared to a year ago - the result of abundant supplies for export coupled with reduced import demand. FAO's price index for cereals averaged 182.5 points in August, down 2.8 points (1.5%) from last month and 24.2 points (11.7%) versus 2013.
Prices for wheat continued to slide in August, reaching their lowest value since July 2010. However, rice Prices increased in August, reflecting increased import demand, lower-than-expected releases from stockpiles by Thailand, and unfavourable weather affecting some crops in Asia.
Vegetable oils totaled 166.6 points in August, 14.5 points (8%) less than the previous month and the lowest Level since November 2009. Meanwhile, sugar prices averaged 244.3 points in last month, down by 14.8 points (5.7%) from July, but still 2.2 points (1%) higher than one year ago.