UN agency reports drop in food prices

UNITED NATIONS - The Food and Agriculture Organization of the UN (FAO) has released statistics that show a drop in global food prices in the month of May, UN spokesman Martin Nesirky said here Thursday.

"Global food prices have dropped sharply due to generally favorable supplies, growing global economic uncertainties and a strengthening of the US dollar," said Nesirky.

The FAO, the UN agency tasked with working towards food security and nutrition for all as well as agriculture productivity, releases the index on a monthly basis.

"The Food Price Index, measuring the monthly change in an international basket of food commodity prices, fell by 4 percent in May," Nesirky noted. "This was the lowest since September last year and about 14 percent below its peak in February of the same year.