World food prices were 7.0 percent cheaper than last year

FAO (Food and Agriculture Administration of the United Nations – The FAO Food Price Index averaged 209 in December 2012, down 2 points (1.1 percent) from November and the lowest since June 2012, when the Index stood at 200.

The decline in December was led by drops in the international prices of major cereals and oils/fats. For 2012 as a whole, the Index averaged 212, 7.0 percent less than in 2011, with the sharpest declines registered by

sugar (17.1 percent),
dairy products (14.5 percent) and
oils (10.7 percent).

The 2012 price falls were much more modest for

cereals (2.4 percent) and
meat (1.1 percent).

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