Prices have declined for some of the world’s most important foods as harvests continue to outstrip demand, the UN food and agricultural agency (FAO) said on Thursday.

FAO, which announced the development in its monthly Food Price Index, said that lower dairy prices led the downward trend in key commodities.

Forecasts for 2018 indicate that worldwide cereal production and surpluses are likely to reach record levels, FAO senior economist Abdolreza Abbassian told Daniel Johnson.

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