Food prices, one of the greatest threats to the overall health of the global economy have fallen recently, and dropped very sharply in May according to the UN Food and Agricultural Organization.
The FAO Food Price Index (FFPI) averaged 204 points in May 2012, down as much as 9 points (4 percent) from April and the lowest since September 2011. At this level, the FFPI would be about 14 percent below its peak in February 2011. International prices of most commodities (composing the FFPI) weakened in recent weeks on generally favourable supply prospects amid growing economic uncertainties and a strengthening US dollar.
The drop not only takes some strain off inflationary pressures in large nations which include China. It also helps people in the poorest countries where prices have caused an extremely large portion of people’s’ incomes to go to food, leaving little for shelter, clothing,and other basic needs.
Douglas A. McIntyre
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