Food prices reach historic peak

4 March, 2011 by (comments)

Global food prices have hit record highs as the FAO statistics for February 2011 show a rise for the eighth consecutive month, the BBC reports.

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Cereal prices alone have increased by 70 per cent in the last year, mainly due to weather events in major production countries such as Russia and Australia. The FAO also points to increased demand for animal feed and biofuel as catalysts.

And while social unrest in the Arab world continues, oil prices are affected which puts further pressure on food prices.

Caroline Atkinson of the International Monetary Fund (IMF) highlighted the complexity in managing the impact of price spikes as they especially affect “the poorest and most vulnerable” populations.

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Filed Under: Agro-ecology and Economics @en