This paper proposes a statistical phrase/accent model of voice fundamental frequency(F0) for speech synthesis. It presents an approach for automatic extraction and modeling of phrase and accent phenomena from F0 contours by taking into account their overall trends in the training data. An iterative optimization algorithm is described to extract these components, minimizing the reconstruction error of the F0 contour. This method of modeling local and global components of F0 separately is shown to be better than conventional F0 models used in Statistical Parametric Speech Synthesis (SPSS). Perceptual evaluations confirm that the proposed model is significantly better than baseline SPSS F0 models in 3 prosodically diverse tasks – read speech, radio broadcast speech and audio book speech.