World Food Commodity Prices Plunge to Lowest in Seven Years

The price of international food commodities slumped in August to their lowest level in almost seven years, the Food and Agriculture Organization said. The UN body said the prices of almost all commodities measured in its Food Price Index dropped last month, including milk, vegetable oils, sugar and cereals.

"Ample supplies, a slump in energy prices and concerns over China's economic slowdown all contributed to the sharpest fall of the FAO Food Price Index in almost seven years," it said in a statement.

In contrast, meat prices in August remained virtually unchanged from the previous month, although overall they are still down 18 percent from the peak of August 2014.