International food prices have dropped to a five-year low between August 2014 and May 2015, the World Bank has said.
During this period, global food prices decreased by 14%.
According to the latest edition of World Bank's Food Price Watch, cheap oil contributed to abundant global supplies of food in 2014 and prospects of a bumper crop for wheat, maize and rice in 2015. These factors are driving the sharp decline in international food prices.
In a press release, the World Bank said the agriculture and food sector continue to benefit from less expensive chemical fertilizer, fuel and transportation costs.
It stated that wheat prices plunged by 18%, rice prices dropped by 14% and maize prices declined by 6% between August 2014 and May 2015.
However, it forecast that the arrival of El Nino, the appreciation of the US dollar and the recent increase in oil prices could drive up food prices in the coming months.
According to the WB release, domestic grain prices also remained mostly stable or declined between August 2014 and May 2015, due to abundant supply.
However, food prices increased in Ebola-hit countries, as well as areas that were affected by conflict, floods and drought such as northeastern Nigeria, Malawi and Zimbabwe.
