FAO Food Price Index declined slightly in September

The benchmark of world food commodity prices declined slightly in September, led by drops in the sugar and dairy price indices, according to the new report released by the Food and Agriculture Organization of the United Nations (FAO) Friday. The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally-traded food commodities, averaged 128.8 points in September, versus a revised August level of 129.7 points. The September reading represents a 3.4 percent increase from a year ago. The FAO Cereal Price Index declined by 0.6 percent from August. International wheat prices decreased for the third consecutive month amid subdued international demand and confirmation of large harvests in key producing countries. World maize prices also dropped, amid forecasts of abundant supplies as well as the temporary suspension of grain export taxes in Argentina. The FAO All Rice Price Index fell by 0.5 percent as reduced purchase orders by buyers in the ...