Global food prices fall slightly in November

By Dilara Zengin

ANKARA

Global food prices fell 0.5 percent in November from previous month, as sharp rise in sugar and vegetable oil price balanced with low dairy prices, the United Nations' food body said on Thursday.

The food price index averaged 175.8 points in November, marking a monthly decrease of 0.5 percent, the United Nations Food and Agriculture Organization (FAO) said in a statement.

October food price index stood at 176.6 point, according to FAO.

The food organization noted that food prices are still 2.3 percent higher in November compared to the same month last year.

The FAO Food Price Index is a trade-weighted index that tracks international market prices of five major food commodity groups.

"The November decline was driven by a 4.9 percent monthly drop in the FAO dairy price index, as quotations for butter, cheese, whole milk and skim milk powder fell," it explained.

The sugar and vegetable oil price indices increased by 4.5 percent and 1.2 percent in November, respectively.

The November's cereal price index also rose by 1.1 percent while the meat price index remained unchanged in the month.