The decline in world food prices with increased supplyM.Bk
Global food prices fell last month on an annualized and monthly basis as inventories increased, with vegetable oil prices leading the losses.
In a report released by the Food and Agriculture Organization of the United Nations (FAO) on Thursday, the commodity price index fell in September to 165.4 points from 167.7 in August.
On an annualized basis, the global food price index fell by 7.4% in September compared to the same period of 2017.
The data showed that the grain price index fell by 2.8% led by corn, as expectations of a very large crop in the United States pushed export prices down.
World prices for rice and wheat have also fallen as a result of continued strong sales and shipments to Russia.
The oil price index for the eighth consecutive decline fell by 2.3% to the lowest level in 3 years.
The dairy price index fell by 2.4% in September, and meat prices fell.
The sugar price index is now 21% lower than its September 2017 levels, but is up 2.6% from August levels.