The FAO Food Price Index averaged 164 points in May 2010, down from 174 points in January and substantially less than its peak of 214 in the spring of 2008, the report notes.
A fall in international prices of cereals and sugar were among the main drivers behind this decline. Sugar prices have tumbled by half from their peak at the beginning of the year under prospects of significant production increases.
But, the agency noted, this still means the cost of the typical food commodity basket around the world today is some 69 percent higher than in 2002-04.
Prices in the meat sector have risen sharply, mostly due to declines in production while consumption is increasing.