Global food prices fell by 2 percent in the latest four-month period, marking the third straight period of declines, as declining imports in the Middle East and North Africa, and lower demand pushed prices down 12 percent from their August 2012 peak, the World Bank said on Thursday.
The World Bank's Food Price Index showed international prices of wheat fell by 2 percent, sugar by 6 percent, soybean oil by 11 percent, and maize, or corn, by 1 percent during the four-month period between February and June. The index, which weighs export prices of food, fats and oils, grains, and other foods in nominal U.S. dollars, fell by 2 percent.
Improved weather conditions after last year's droughts helped bolster the production of wheat. The bank said it expects good harvests from the major producers to continue as long as unfavorable weather in northern and central Europe, Russia and China does not drag on production.