The world food import bill is predicted to drop to a five-year low in 2015, according to the Food and Agriculture Organization of the United Nations (FAO).
The FAO said the bill was expected to fall because of lower international prices for agricultural commodities, a stronger dollar and low freight costs.
World cereal production is expected to decline by 1.5 per cent in 2015 to 2,509 million tonnes, but the impact will be cushioned by “exceptionally high” levels of existing stocks.
The FAO’s Food Price Index fell 1.2 per cent in April compared to March to hit 171 points, down 19.2 per cent year-on-year and its lowest level since June 2010.
Dairy prices fell most, but sugar, cereals and vegetable oils also declined. Meat prices increased for the first time since August 2014.
The index tracks the aggregate prices of cereals, meat, dairy products, vegetable oils and sugar.