According to a report by the Financial Times of the United Kingdom, the United Nations Food and Agriculture Organization (FAO) warned that the world faces a "grain price shock." The organization’s [17.30-1.87%] price benchmark index for agricultural products rose sharply last month to a new nominal high, exceeding the level of the 2007-08 food crisis.
At the time of FAO's warning, inflation is becoming an increasingly severe economic and political challenge for China, India, and other developing countries. Even in developed countries such as Britain and the euro zone, inflation has gradually become a potential problem.
Abdulissa Abbasan, FAO's senior economist in Rome, said that the surge in prices this time is “worryingâ€, but he also said that the current situation has not yet constituted the food crisis as in 2007-08. At the time, the riots triggered by food shortages spurred more than 30 poor countries including Bangladesh and Haiti.
He said: "The world is facing food price shocks." He added that if the price rise "continues for months," it may lead to a "food crisis."
FAO stated that its food price index - consisting of a basket of agricultural products such as wheat, corn, rice, vegetable oils, dairy products, sugar and meat - jumped to 214.7 points, surpassing the 213.5-point history set in June 2008. The highest record.
However, the relative stability of rice prices has given FAO and food aid agencies a slight peace of mind. Rice is one of the two major agricultural products that affect global food security.
Rice is the staple food of more than 3 billion people in Asia and Africa. In 2008, the price was more than 1,000 US dollars per ton, reaching the highest point in history. However, the current price is 535 US dollars per ton. However, due to poor harvests in Russia, Ukraine, and other regions in 2010, the price of another important staple wheat crop is soaring. Corn used as animal feed, as well as meat and poultry meat prices are also rising.
Agricultural officials and traders fear that with the deterioration of La Niña's climate, prices of agricultural products may rise further. The La Niña phenomenon usually brings dry weather to important agricultural countries such as Argentina, Brazil and the United States.
At the time of FAO's warning, inflation is becoming an increasingly severe economic and political challenge for China, India, and other developing countries. Even in developed countries such as Britain and the euro zone, inflation has gradually become a potential problem.
Abdulissa Abbasan, FAO's senior economist in Rome, said that the surge in prices this time is “worryingâ€, but he also said that the current situation has not yet constituted the food crisis as in 2007-08. At the time, the riots triggered by food shortages spurred more than 30 poor countries including Bangladesh and Haiti.
He said: "The world is facing food price shocks." He added that if the price rise "continues for months," it may lead to a "food crisis."
FAO stated that its food price index - consisting of a basket of agricultural products such as wheat, corn, rice, vegetable oils, dairy products, sugar and meat - jumped to 214.7 points, surpassing the 213.5-point history set in June 2008. The highest record.
However, the relative stability of rice prices has given FAO and food aid agencies a slight peace of mind. Rice is one of the two major agricultural products that affect global food security.
Rice is the staple food of more than 3 billion people in Asia and Africa. In 2008, the price was more than 1,000 US dollars per ton, reaching the highest point in history. However, the current price is 535 US dollars per ton. However, due to poor harvests in Russia, Ukraine, and other regions in 2010, the price of another important staple wheat crop is soaring. Corn used as animal feed, as well as meat and poultry meat prices are also rising.
Agricultural officials and traders fear that with the deterioration of La Niña's climate, prices of agricultural products may rise further. The La Niña phenomenon usually brings dry weather to important agricultural countries such as Argentina, Brazil and the United States.
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