The Dutch lender's report suggests the dip in prices came too early to help suppliers recover their margins, as it pre-empted price negotiations with retailers for the year ahead.
Agricultural commodities prices have been rising sharply since 2007 but went into freefall last summer.
The report, Dealing with Agricultural Commodity Price Inflation, blames poor harvests and increased speculation for the high prices and volatility.
But not all commodities are falling, while the wider financial crisis is a further cause of concern for UK suppliers and manufacturers.
“My inputs aren't falling in price, because they're sold in dollars,” said one supplier. “This means my costs have increased between 30% to 40% - and this trend will continue for as long the pound continues to fall against the dollar.
"The only saving grace is that I'm not alone. We're all feeling this the same: anyone importing in the UK will feel the effects of the falling pound.”