Food prices stable as UN predicts strong wheat output

World food prices stabilised in February near a seven-year low as rising vegetable oil and meat prices offset declines in cereals, sugar and dairy, the United Nations food agency stated.

Food prices have fallen for four straight years and remain under pressure from ample agricultural supply, a slowing global economy and a strengthening US dollar.

The Food and Agriculture Organisation’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 150.2 points in February against a revised 150.0 points the month before.