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World food prices rise 2.2 percent in May: U.N. FAO

Published 06/08/2017, 04:23 AM
© Reuters. A vendor sells varieties of rice at a shop in Makati

ROME (Reuters) - World food prices rose 2.2 percent in May from the month before after three straight months in decline, with higher values for all food goods except sugar, the United Nations food agency said on 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 172.6 points in May, up 2.2 percent from April.

The increase pushed food prices on international markets 10 percent above their levels in the same month last year.

© Reuters. A vendor sells varieties of rice at a shop in Makati

FAO trimmed its forecast for global cereals output in the 2017-18 season, to 2.594 billion tonnes, down 0.5 percent year-on-year. Global wheat production is expected to decline 2.2 percent after a record harvest last year.

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