The Food and Agriculture Organisation (FAO) based in Rome has released the Food Price Index (FPI) with a show of decline to a 55-month low in February, thus dropping 1.0 per cent from January and 14 per cent below its level a year earlier, reports NaijaAgroNet.
Also, FPI showed lower prices for cereals, meat and especially sugar more than offset an increase in milk and palm oil prices.
The FPI, NaijaAgroNet reports, averaged 179.4 points in February, down from 181.2 points in January and 208.6 points in February 2014.
“Its ongoing decline - to its lowest level since July 2010 - reflects robust supply conditions as well as ongoing weakness in many currencies versus the U.S. dollar, which appear set to continue,” said Michael Griffin, FAO's dairy and livestock market expert.
He noted that the first thing to flag is the favorable outlook for production of a number of crops in 2015, stressing "Stocks are also very strong" for most cereals, Griffin said.
FAO's Food Price Index, NaijaAgroNet is a trade-weighted index that tracks prices of five major food commodity groups on international markets. It aggregates price sub-indices of cereals, meat, dairy products, vegetable oils and sugar.
+Remmy Nweke (ITRealms) +Naija AgroNet +Food and Agriculture Organization of the United Nations
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