Global food prices drop for the third consecutive month.

According to the Food and Agriculture Organization of the United Nations (FAO), the global food price index averaged 125.1 points in November, down 1.2% from the previous month and 20% lower than the peak in March 2022—the time when food prices surged following the outbreak of the Russia-Ukraine conflict. The steepest decline was in sugar prices. In November, the price of this commodity fell by 5.9% to its lowest level since December 2020. The main reason is the strong production in Brazil's main growing regions, the promising start of India's early harvest, and the favorable crop outlook in Thailand. The dairy market also witnessed its fifth consecutive month of decline, with a 3.1% drop. Butter and milk prices recorded the steepest declines due to high milk production and abundant export supplies from the European Union and New Zealand, while demand for powdered milk imports in some Asian regions weakened. Vegetable oils continued their downward trend with a 2.6% decrease, ...