Global rice prices may fall but still high: UN

Soaring world rice prices may begin to drop amid excellent production prospects this year, but overall food prices that have set off protests around the world are likely to remain high, a UN food agency said yesterday.

Global rice market conditions could ease as new crops are harvested around the world, said the Rome-based Food and Agriculture Organization. However, price pressure will remain high at least until October or November, when the bulk of this year's paddy crops will reach the market.

"One thing is to say prices will come down, which is already happening for many products", Abdolreza Abbassian, an FAO economist, said during the presentation of the agency's Food Outlook report. "Another is to say they will be low. No, they won't be low".