The latest FAO Food Outlook finds that, on average, global food prices have been 8 percent lower during 2012 than they were in 2011. Global food import bills are forecast at USD 1.14 trillion, which is 10 percent lower than the record import bills seen in 2011.

The global cereal supply and demand balance is expected to tighten in 2012/2013; this decline will be driven mainly by reductions in wheat and maize production. World cereals production is expected to drop by 2.7 percent from 2011's record levels. Reductions in wheat production will continue to keep wheat prices above 2011 levels, and stocks are expected to be drawn down sharply. World rice production, on the other hand, is expected to surpass 2011 levels.

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