LONDON: The United Nations world food price index rose for a third consecutive month in May, as higher cereals and dairy product prices outweighed drops in prices for sugar and vegetable oils.

The UN Food and Agriculture Organisa­tion’s price index, which tracks the most globally traded food commodities, averaged 120.4 points in May, up 0.9pc from its revised April level, the FAO said on Friday.

The May reading was nonetheless 3.4pc below the level seen a year earlier.

The FAO index hit a........

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