Food prices down due to ample supply

Manila, Philippines -  World food prices declined in May from the previous month due to ample supplies, the Food and Agriculture Organization (FAO) of the United Nations said.

Rolando Dy, executive director of the University of Asia and the Pacific’s Center for Food and Agribusiness said in a text message yesterday that given ample supply, local food prices are expected to be stable for the rest of the year.

In its Food Price Index report dated June 7, the FAO said the index averaged 204 points in May, nine points down from the April average.

The FAO said the index average in May is the lowest level reached since September 2011.

The index measures the monthly change in international prices of a basket of food commodities.

“International prices of most commodities weakened in recent weeks on generally favorable supply prospects amid growing economic uncertainties and a strengthening US dollar,” it said.