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Question

Which of the following statements is/are correct with reference to the Food and Agriculture Organization’s (FAO) food price index?

A It is a measure of the monthly change in international prices of a basket of food commodities.
B It consists of the average of 10 commodity group price indices weighted with the average export shares.
C Both A & B
D None of these
Answer & Explanation
Option: It is a measure of the monthly change in international prices of a basket of food commodities.

Explanation:

World food prices rose for a seventh consecutive month in December, with all the major categories, barring sugar, posting gains last month. The Food and Agriculture Organization’s (FAO) food price index is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of five commodity group price indices [cereal, vegetable, dairy, meat and sugar], weighted with the average export shares.
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