The global food prices have dipped in month of August as a result of prospect from bumper cereal harvests expected for larger grain inventories, reports NaijaAgroNet.
The Food and Agriculture Organisation (FAO) Food Price Index made available to NaijaAgroNet, indicated a decline of 1.3 per cent from July assessment, thus averaging 176.6 points in August.
The drop, NaijaAgroNet reported, was largely driven by a 5.4 per cent decline in the FAO Cereal Price Index, reflecting a sharp fall in wheat prices as the outlook for production in the Black Sea region improved.
FAO raised its forecast for global cereal production to 2 611 million tonnes, an all-time record. Worldwide stocks of cereals are also expected to reach an all-time high by the close of seasons in 2018, according to the latest FAO Cereal Supply and Demand Brief, also released recently.
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