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UN: World food prices will drop this year

UN: World food prices will drop this year

16 March 2012 10:04 (UTC +04:00)

Baku - APA-Economics. World food prices will drop this year as increases in unemployment in developing and developed countries slows growth in demand, the United Nations said.

â€œWe have started to see a decline in food prices,â€ Jose Graziano da Silva, director general of the UNâ€™s Food and Agriculture Organization, said at a conference in Hanoi today.

World economic expansion will slow to 3.3 percent this year from 3.8 percent in 2011, according to the International Monetary Fund. In China, Premier Wen Jiabao has announced a growth target of 7.5 percent for this year, down from 8 percent in the past seven years. Global harvests of wheat and rice, the worldâ€™s two most-consumed food grains, are headed for records as farmers boost planting to benefit from rising prices.

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