Global food prices have declined by 6 percent over the last quarter, according to the latest World Bank Food Price Watch. However, the report warns that prices are still not that far from their historical peak, at only 16 percent below the all-time high reached in August 2012.
Global food prices are becoming less volatile compared to recent years, according to a new FAO report. The November 2013 Food Outlook credits the more balanced markets to the recovery of global cereal inventories. 2013 has seen a significant increase in cereal production, largely based on increased maize crops in the US and record wheat crops in CIS countries.
Highlights for other crops include: