The world’s food bill just fell $9 billion from a previous estimate as a glut of oil and ships cut transportation costs, adding to an oversupply of everything from grains to sugar, according to the United Nations.
Countries around the globe probably spent $1.076 trillion importing food in 2015, a five-year low, the UN’s Food & Agriculture Organization estimated. That’s 0.8 percent less than the Rome-based agency had forecast in October and marks the first drop since 2009.