Global food prices down

The FAO Food Price Index, which measures monthly price changes for a food basket of cereals, oilseeds, dairy, meat and sugar, averaged 214 points in April, down from a revised 217 points in March, the FAO said in its monthly index update.  The index was driven down by a 2.5pc. month-on-month fall in maize prices, a 1pc. fall in wheat and a 5pc. drop in sugar prices which have offset a 2.2pc. rise in vegetable oils fuelled by soaring soybean prices. Soybean prices which have been rising since the start of this year are likely to see further gains due to tight supplies, driving corn prices higher.

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