The Food and Agriculture Organization of the United Nations (FAO) recently announced that the benchmark index of international food commodity prices declined in March for the 12th consecutive month. This drop is partly due to a decline in world grain and vegetable oil prices.
“Although prices fell globally, they remain very high and continue to rise in domestic markets, posing new challenges for food security”, notes Mr. Máximo Torero, FAO Chief Economist. This is particularly true in net food-importing developing countries, whose situation is aggravated by the depreciation of their currencies against the U.S. dollar or the euro and the growing debt burden.
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