Global food prices plunged 19 percent in 2015 following a fresh decline in December on the back of plentiful supplies and a slowing global economy, the United Nations Food and Agriculture Organization (FAO) said yesterday. It was the fourth consecutive annual fall in food prices. The FAO's food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 154.1 points in December versus a revised 155.6 points the month before, a fall of some one percent. December's reading was dragged down by falling prices for meat, dairy and cereals, which counterbalanced gains in quotations for sugar and vegetable oils. The dedicated cereal price index shed 15.4 percent in the course of the year, vegetable oils dropped to a nine-year low and dairy prices registered their lowest annual average since 2009. Sugar prices rose 0.6 percent in December but on average throughout the year were 21 percent lower than in 2014.
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Research Associate at Center for Islam and Global Affairs (CIGA) at Istanbul Sabahattin Zaim University