World food prices stable in February near seven-year low

Rome | Reuters –– World food prices stabilized in February, as rising vegetable oil and meat prices offset declining cereal, sugar and dairy prices, the United Nations food agency said Thursday.

The Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 150.2 points in February against a revised 150 points the month before.

The tiny rise from January follows an almost 19 per cent slide in 2015, the fourth consecutive annual decline, and a further slump in January.

Food prices in international markets in February were 14.5 per cent lower than a year ago, FAO said.

Reporting for Reuters by Isla Binnie in Rome.

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