Good News: Global Food Prices Lowest Since 2010

Bad news: It's still a pretty tight market

It’s a small win, but the UN’s Food Price Index (based on a ‘food basket’ of oils, cereals, dairy, meat, and sugar) dropped two percent in September.

The decrease is mostly due to grains, sugar, and oil, with the international price of all grains falling (save for rice). Sources say the drop is due to an increase in supply and decrease in demand (got that supply-demand chart handy?).

Officials say the market is still tight, but at least there’s some progress. This is the lowest index since December 2010, when prices rose above the 2008 peak. The index first dropped in March 2011, and remained steady in April.

The Daily Byte is a regular column dedicated to covering interesting food news and trends across the country. Click here for previous columns.