International food prices experienced their third consecutive monthly fall last November due to the drag of vegetable oils, FAO said in a statement today.
The food price index elaborated by the UN Food and Agriculture Organization (FAO) stood at 160.8 points in November, its lowest level since May 2016.
The decrease was 1.3% compared to the previous month and 8.5% compared to November 2017, according to the agency, which attributed it mainly to the weakening of the prices of vegetable oils.
These oils were reduced by 5.7% per month, which is the tenth consecutive decline and its lowest level in twelve years, especially due to palm oil, since the large reserves of this material in the main exporting countries have been joined by a contraction in oil prices.
In addition, soybean and sunflower oils have also seen their price decline due to abundant supplies in the United States, the European Union and several emerging markets.
The prices of dairy products decreased by 3.3% compared to October due to the strong availability of butter, cheese and whole milk powder internationally, also boosted by exports from New Zealand.
Grains were reduced by 1.1% per month, among other reasons due to the large supplies for the export of wheat and the intensified competition in the world corn market.
The FAO indicated that the price of sugar, on the contrary, rose by 4.4% in a month, amid the estimates that the production in the center and the south of Brazil will decrease with respect to the previous year, while the quotation of meat remained at a slightly lower level.