UN agency: Food prices ease a bit

AP News
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Posted: Dec 08, 2011 10:16 AM
UN agency: Food prices ease a bit

A U.N. food agency says global food prices have eased marginally, with wheat prices dropping by 3 percent.

The Rome-based Food and Agriculture Organization said in a report Thursday that its Food Price index in November was "virtually unchanged" from its October level and down 10 percent from its peak in February.

The agency said a "significant" upward revision of the global cereal supply estimate for 2011-2012 _ thanks to better crop prospects in Russia and some Asian countries _ put downward pressure on cereal prices.