UN agency: Food prices ease a bit

By the Associated Press | December 8, 2011 | 10:20 AM EST

ROME (AP) — A U.N. food agency says global food prices have eased marginally, with wheat prices dropping by 3 percent.

The Rome-based Food and Agriculture Organization said in a report Thursday that its Food Price index in November was "virtually unchanged" from its October level and down 10 percent from its peak in February.

The agency said a "significant" upward revision of the global cereal supply estimate for 2011-2012 — thanks to better crop prospects in Russia and some Asian countries — put downward pressure on cereal prices.