Food Prices Pull Back Highs

Food Prices Pull Back Highs
2011-12-09

The Huffington Post

Global Food Prices Ease A Bit, Says Food and Agriculture Organization

ROME -- A U.N. food agency says global food prices have eased marginally, with wheat prices dropping by 3 percent.

The Rome-based Food and Agriculture Organization said in a report Thursday that its Food Price index in November was "virtually unchanged" from its October level and down 10 percent from its peak in February.

The agency said a "significant" upward revision of the global cereal supply estimate for 2011-2012 – thanks to better crop prospects in Russia and some Asian countries – put downward pressure on cereal prices.

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