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The market price for meat is $7-8, while the average world price of meat is $10, he said.
Provided the world price stays low further reductions in price to consumers can be expected.
But keep in mind that the gasoline price in Cairo today is one quarter of the world price.
If a developing country is importing an agricultural product, a lower world price is beneficial.
In its May World Price Index, the London-based research organisation World Economics found that consumers in some countries in the eurozone get significantly less for their money.
He said: "When the world price of oil goes up red diesel goes up, but when the world price drops, which it occasionally does, and sometimes quite dramatically, we never see it reflected in the cost.
Between the date Mr Law bought the gold and the day he sold, the world price of gold rose by nearly 50 per cent.
This week the world price of raw sugar hit an all-time-high of $0.
THE Freight Transport Association says that diesel prices are not falling in line with the dramatic reduction in the world price of oil.
In the UK, the problems of the high world price of oil are further complicated by the ultra-high tax regime.
Starting in July, European sugar farmers will no longer benefit from a $747 per-ton subsidy that was guaranteed them--three times the world price for sugar.
All countries are affected by the rising world price of basic food commodities.

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