Global food prices dip, surpluses to hit new highs

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.

World Bank/Gennadiy Kolodkin

Global economic growth levels to rise by 2.7% in 2017

Global economic growth is expected to rise by 2.7 percent in 2017, according to a report released by The World Bank.

Improvements in the commodity market with respect to the export and import of oil, gold and agricultural products, and growth in advanced economies have been cited as reasons for this moderate increase.

However, the report also analysed how weak investments and policy changes could play a role in affecting regional and global growth forecasts.