World food prices fell by 1.6% in 2013, down 8.8% from their all-time peak in 2011, driven by falling international prices for grains, sugar and palm oil, according to the United Nations’s Rome-based Food and Agriculture Organization Thursday.

The Food and Agriculture Organization’s monthly index measures the monthly change in international prices of a basket of food commodities and is the global leading economic indicator for food prices.

While the most recent food price spike in 2011 was triggered by a lack of cereal supply, the recent fall in food prices is mainly due to higher expected supplies of corn and wheat this year.