|Traders at the Oshodi Market, Lagos|
The October Food Price Index by the United Nations' Food and Agriculture Organisation recorded a two-point drop, a one per cent drop from September.
The price index for October was at 213 points against 215 points of the previous month.
The Food Price Index made available to NaijaAgroNet showed that the decline is characterised by the reduction in international prices and freight rates, lower cereal purchases which has the capability to push down the world food import bill of the year.
Commenting on the latest price index, FAO Director-General, José Graziano da Silva noted that a set of conditions and measures were put in place to stop international food price from spiraling up as it did in 2007-2008 and 2009-2010.
One of the important measures, da Silva said is the improved international coordination and market transparency by the G20's Agricultural Market Information System (AMIS) which assisted in preventing panic and putting a stop to the worst drought in decades, which is already leading to a food price crises.
"Droughts or floods are not what cause crises, its lack of governance," the FAO boss said, adding that there is a need to strengthen the global governance of food security.
NaijaAgroNet further gathered that the first 10 months of the year experienced food prices on average of 8 per cent lower than the same period in 2011, and food forecast for 2012 was $1.14 trillion, about N179 trillion.
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