World food prices dipped in March

MANILA, Philippines—After eight months of uninterrupted increase, world food prices dipped for the first time in March, the United Nations Food and Agriculture Organization said.

FAO, however, said it was too early to say that the upward trend has been reversed.

“The FAO Food Price Index (FFPI) averaged 230 points in March 2011, down 2.9 percent from its peak in February, but still 37 percent above March last year,” the UN agency said in its monthly report.

The contraction affected the sectors of oil, sugar and cereal. Dairy and meat prices continued to rise, albeit at a slow pace.