World food prices slightly declined in November from the month before, as a sharp rise in sugar and vegetable oil values was largely offset by a fall in dairy, the United Nations food agency (FAO) said on Thursday.
FAO food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 175.8 points in November, down 0.5 percent from October.
Agricultural commodities have emerged from a highly volatile period and FAO has said it expects them to remain stable over the next decade.
The agency raised its forecast for global cereals output in 2017 to 2.627 billion tonnes, 16.8 million tonnes higher than last year’s level and pushing worldwide supplies to an all-time high.
FAO also raised its forecast for global wheat production to 754.8 million tonnes, 1 percent lower than 2016.