The latest FAO Food Price Index was released today and is down three points from October's Index. This is the lowest point since June 2012. With the exception of dairy, all commodities covered by the Index fell in November.
The Cereals Price Index is down four points from October, but is still 27 points higher than it was in November 2011. Weakening global rice and wheat prices drove the fall and compensated for higher maize prices.
The Oils/Fats Price Index is down six points from October. This is its third consecutive month of decline. Recent soybean yields in the US, which were better than expected, contributed to the dip in prices.
The Meat Price Index fell only one point, but meat prices are 3.5 percent lower than they were in November 2011. The Sugar Price Index fell 14 points from October and is down an impressive 65 points lower than November 2011. The Dairy Price Index, on the other hand, rose one point from October.