Biotech Updates

FAO Food Price Index Down in October

November 11, 2011

FAO's Food Outlook published recently an analysis of the Food Price Index. In their report, "the food price index dropped to an 11-month low in October declining 4 percent or nine points, to 216 points from September." The drops in prices were due to declines in international prices of cereals, oils, sugar and dairy products.

Even so, the report said that food prices generally remain "extremely volatile" which coincides with the unstable financial and equity markets. Moreover, global cost of national food imports is expected to approach $1.3 trillion this year. "Fluctuations in exchange rates and uncertainties in energy markets are also contributing to sharp price swings in agricultural markets," FAO Grains Analyst Abdolreza Abbassian noted.

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