3 October 2013, Reuters -- "Global food prices are not expected to fall much further after dipping to their lowest level in three years in September, the United Nations food agency said on Thursday, trimming its estimate for 2013/14 world cereals production.
The decline in prices last month was driven by a sharp fall in the cost of grains, while dairy, meat and sugar prices all rose, the Food and Agriculture Organization (FAO) said.
Food prices surged during the summer of 2012 due to a major drought in the United States but prospects for a rebound in cereal supplies to record levels have reversed the price trend this year.
The FAO's index measuring monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 199.1 points in September, down about 1 percent from 201.4 points in August.
The index has fallen for five consecutive months and has reached its lowest level since September 2010. ..."