(MENAFN- Qatar News Agency) Rome. August 08 (QNA) - The Food and Agriculture Organisation's (FAO) Food Price Index decreased for a fourth consecutive month in July mainly due to a sharp decline in international prices for maize wheat and certain oilseeds reflecting ample supplies for these commodities. Based on the prices of a basket of internationally-traded food commodities the FAO Food Price Index averaged 203.9 points in July 2014 down 4.4 points (or 2.1 percent) from a revised value in June and 3.5 points (or 1.7 percent) below the July 2013 level FAO report said. "The lingering decline of food prices since March reflects much better expectations over supplies in the current and forthcoming seasons especially for cereals and oils a situation that is expected to facilitate rebuilding of world stocks" said FAO senior economist Concepcion Calpe. In contrast meat prices rose for the fifth consecutive month in July and those for sugar remained firm. The fall in quotations for grains oilseeds as well as dairy products pushed down the FAO Food Price Index to its lowest level since January 2014. "Livestock product markets have their own dynamics: in the case of meat beef in particular many exporting countries are in a herd rebuilding phase which is limiting availability for exports and sustaining prices" Calpe said. "As for dairy products supplies available for trade appear to be abundant which along with a faltering import demand has weighted on July's quotations" she added.(QNA)
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