The latest FAO Food Price Index was released yesterday, remaining virtually unchanged from October at 206.3 points. The Index is 4.4 percent below its November 2012 level.

The Cereals Index dropped two points in November, and is a full 24 percent lower than it was in November 2012. This year's record cereals crop is the main driver of this reduction in cereals prices, particularly for wheat, maize, and rice.

The Vegetable Oil Index, on the other hand, rose 11 points from October, mainly due to strong import demand and below-expected output of palm oil. Strong demand for soy also sustained the Index at higher levels.

The Dairy and Meat Indices both remained virtually unchanged from October, while the Sugar Index dropped 14.2 points.

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