World Food Prices Set to Remain High
June 10, 2011| |
The Food and Agriculture Organization in their biannual Report Food Outlook has announced that the high and volatile agricultural commodity process will prevail for the rest of the year until early 2012. The Report looked at the decrease in crop inventories, the modest production increases for most crops and the weather conditions which could hamper food production.
Some of the positive notable highlights include a slight decline in the international prices of cereals, and sugars; and slight increase in harvest of cereals and paddy crop production compared to 2010. However, increased demand for cereals and oils will still be a problem with the slight increase in their production.
The Report estimated that the international food import bill will reach a new record of $1.29 trillion in 2011 - 21 percent more than in 2010. This will immensely affect poor developing countries who spend 27 to 30 percent more on food imports than last year.
The full report can be seen at http://www.fao.org/news/story/en/item/79827/icode/
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