FAO Food Price Index ends year with sharp decline

Food prices fell in December 2011 with the FAO Food Price Index dropping 2.4 percent, or five points from November, FAO said today.

At its new level of 211 points, the Index was 11.3 percent (27 points) below its peak in February 2011.

The decline was driven by sharp falls in international prices of cereals, sugar and oils due to bumper 2011 crops coupled with slowing demand and a stronger US dollar. Most commodities were affected.

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