Food Prices May Stay High Over Next Six Months on Drought: FAO - Yahoo! Finance
Global food prices will probably stay
high in the next six months after drought in the U.S. and Russia
cut grain supplies, said the United Nations.
The global market "will switch to a short supply mode"
for the first time in two years, said Hiroyuki Konuma, the
regional representative for Asia and Pacific at the UN's Food &
Agriculture Organization. "We will have to monitor it very
cautiously," he said in a phone interview on Oct. 3.
World food costs rose in September to the most expensive in
six months as dairy and meat producers passed on higher feed
prices to users, the FAO said yesterday. An index of 55 food
items rose to 215.8 points in September from 212.8 a month
earlier and compared with a 131.17 average in the past 20 years.
Corn traded in Chicago jumped 50 percent since the middle of
June as the worst U.S. drought in half a century killed crops.
No comments:
Post a Comment