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Home BUSINESSFood prices fall in world market
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Sat, 27 Jul, 2013 12:00:24 AM
FTimes News Desk, July 27
Food prices fell by 2 percent on the world market from February to June period, says the World Bank. 
 
Food is now 12 per cent cheaper than at the peak of last August, news agency STT reported quoting Reuters. 
 
Soybean oil prices have fallen from February to as much as 11 per cent and 6 per cent of sugar. Wheat and corn prices have fallen by 1-2 per cent. 
 
World Bank expects good crops this year, which is likely to push the price down. Weather, an important factor for crop production, is better than last year. 
 
Corn production this year is expected to reach an all-time record. Corn is used not only for food but also for ethanol fuel.  Food prices have fluctuated dramatically in recent years, which has caused problems in poor countries.
 
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