One Trillion Food Import Bill as Prices Rise

The Food and Agriculture Organization issued a warning to the international community to remain vigilant against price increases of important staple crops in 2011. In the latest edition of the Food Outlook, the agency has emphasized that "by passing trillion dollars, the global import food bill will likely rise to a level not seen since food prices peaked at record levels in 2008."

This increase in prices was seen to be due to unfavorable weather events, policy responses by some of the exporting countries, and fluctuations in currency markets. A strong call is therefore issued to step up production of major cereals because of the anticipated shrinkage in stocks especially for barley which will be reduced by 35 percent, maize at 12 percent and wheat at 10 percent.

Details of this press release can be seen at http://www.fao.org/news/story/en/item/47733/icode/