FAO: Food prices are falling

In August, almost all basic food raw materials became cheaper on the world market, so the FAO food price index decreased by 5.2 percent in August, compared to July, which was almost the largest decline of the past seven years – the UN Food and Agriculture Organization (FAO) told MTI on Thursday.

According to the information of the FAO, the the index fell due to the ample stocks, the fall in energy prices and the concerns about a slowdown in the Chinese economy. The FAO food price index was 155.7 points in August.

The FAO food price index is a food basket, containing the most important five food products (grains, meat, dairy products, vegetable oils and sugar). (MTI)