World food prices fall 1.3 pc in August

ROME: World food prices fell 1.3 per cent in August from the month before after three straight monthly increases, reflecting lower values for cereal, sugar and meat, the United Nations food agency said on Thursday. The Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 176.6 points in August, down 1.3 per cent from July. Despite the monthly drop, food prices on international markets remained 6 per cent above their values last August. — Reuters