Global food prices ease from record high

2011-04-07 10:51

Rome - The United Nations Food and Agriculture Organisation's (FAO's) index of global food prices came off record highs in March after falls in grain, sugar and vegetable oils prices, it said on Thursday.

The index, which measures monthly price changes for a food basket composed of cereals, oilseeds, dairy, meat and sugar, averaged 229.8 points in March, down from February's record of 236.8 points - falling for the first time after eight months of rises.

"The decrease in the overall index this month brings some welcome respite from the steady increases seen over the last eight months," said David Hallam, director of FAO's trade and market division.

"But it would be premature to conclude that this is a reversal of the upward trend," he said.