Global Food Prices Slide to Four-Year Low as Milk, Sugar Decline
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World food prices tracked by the United Nations slid to a four-year low last month as costs fell for foodstuffs from sugar to milk.
The strengthening of the U.S. dollar against other currencies is curbing importers’ demand for products including meat and grain priced in greenbacks, the UN’s Food & Agriculture Organization said in a report on its website today. At the same time, the plunging price of crude oil has reduced demand for crops including sugar and palm oil used in biofuel, it said. Last year marked the third consecutive year of falling food prices as all commodity groups except meat declined.