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MBS Online data dictionary
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Term
Food Price Index
Description it is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of 6 commodity group price indices (meat, dairy, cereals, oils and fats, and sugar) weighted with the average export shares of each of the groups for the base period (e.g. 2002-2004); in total 55 commodity quotations considered by FAO commodity specialists as representing the international prices of the food commodities noted are included in the overall index.
Source Food and Agriculture Organization, World Food Situation portal (http://www.fao.org/worldfoodsituation/).
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