Food prices fall at fastest pace in 7 years amid 'timid demand'

Monday, January 11, 2016

Food prices fell in 2015 for a fourth successive year, and at the fastest pace in seven years - led by the biggest drop on record in the value of meat, the United Nations said.

Food prices dropped in December by 1.0% month on month to their lowest since April 2009, the UN food agency, the Food and Agriculture Organization, said.

The drop took the decline for 2015 to 17.1% - the second biggest fall in values for a calendar year on records going back to 1990.

"Abundant supplies in the face of a timid world demand and an appreciating dollar are the main reason for the general weakness that dominated food prices in 2015," FAO senior economist Abdolreza Abbassian said.

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