World food prices dropped in April after rising in the first quarter of the year, while inflation remained a concern and the cost of soybeans climbed, the United Nation's food agency said Thursday. The FAO Food Price Index, which measures monthly price changes for a food basket of cereals, oilseeds, dairy, meat, and sugar, averaged 214 points in April, down from the revised 217 in March, the U.N.'s Food and Agriculture Organization (FAO) said. But soybean prices, which are at their highest since July 2008, are likely to rise further due to tight supplies, driving corn prices higher, the agency's senior economist said. The index drop reflected a 2.5 percent month-on-month fall in maize prices, a 1 percent fall in wheat, and a 5 percent drop in sugar prices, which offset a 2.2 percent rise in vegetable oils by soaring soybean prices. The index seems to have stabilized at a relatively high level of around 214 points, the FAO said in a monthly update.
