U.N. agency posts sharp drop in global food prices

PanARMENIAN.Net - A U.N. agency says world food prices dropped sharply in May, reaching their lowest level in eight months due to favorable supplies and currency fluctuations, AP reported.

The U.N. Food and Agriculture Organization said in its monthly report Friday that global prices of a basket of food commodities fell by 4 percent in May.

FAO's grain analyst Abdolreza Abbassian said crop prices have come down sharply from their peak "but they remain still high and vulnerable due to risks related to weather conditions."

The Rome-based agency keeps a close watch on prices because rises in the prices of staple food have led to violence in some countries in recent years.