Global food prices down by 8 per cent

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Global food prices declined by 8 per cent during the last quarter of 2011 according to figures released by the World Bank.

Better than expected production in countries including China, India and Russia brought the cost of food down.

However, prices remain high and volatile with average prices for 2011, 24 per cent higher than the year before

José Cuesta is a Senior Economist at the World Bank.

“We also saw sharp increases in domestic prices especially in East Africa and West Africa, due to bad weather conditions and conflict. Because of these high prices we must remain vigilant because high prices may have devastating nutritional consequences which bear repercussions on school performance, health status, cognitive development and on productivity.”