Sanjay Jha
Soaring food prices are going to stay for long time and UN’s Food & Agriculture Organisation ( FAO) have warned that bad weather could increase the problem…as demand from developing countries and production costs rise, says the UN’s Food & Agriculture Organisation (FAO). It warned that the current spike in global food prices was higher than previous records, partly because bad weather had ruined crops.
Although high prices will ease off, other factors, such as rising biofuel demand, will keep future costs high. The FAO said speculators were also to blame for volatile commodity markets. The FAO’s annual Outlook report predicted beef and pork prices might be 20% higher by 2017, wheat could be up to 60% more expensive and the cost of vegetable oils might rise by 80%. More
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