FAO: Global Food Prices Hit Lowest Record

By: Taarek Refaat

ROME, Dec. 6 (SEE)- Food and Agriculture Organization of the United Nations (FAO) said in a statement on Thursday that World Food prices fell in November reaching the lowest record in two years.

According to the organization, the decline in prices occurred due to a lower cost of vegetable oils, dairy products, and cereals.

The FAO Price Index, which measures monthly changes in a basket of goods, averaged 160.8 points last month, compared to a 162.9 in October.

"World cereal production in 2018-2019 is expected to reach 2.595 billion tons, down by 2.4 percent than last year's record high production," FAO said.

FAO expects global wheat production to reach 725.1 million tonnes in 2018-2019, down 2.8 million tonnes from earlier forecasts.