World food prices down in October: FAO

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World food prices fell slightly in October, largely because of falling cereals and oils prices, the United Nations food agency said but prices remained close to levels seen during the 2008 food crisis.

The FAO Food Price Index, which measures monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 213 points in October, down two points from the reading in September, the U.N. Food and Agriculture Organization FAO said in its monthly update.
“The decline is largely due to reduced international prices of cereals and oils/fats which more than offset increases in sugar and dairy prices while meat values remained unchanged,” the Rome-based agency said, Reuters reports.
“Food prices averaged 8 percent lower during the first ten months of this year compared to the same period last year,” it said.

FAO earlier trimmed its forecast for global cereal production in the 2012/13 crop season, estimating a 2.7 percent drop from the previous year to 2.284 billion tonnes.