Thursday, September 09, 2010

UN to have a special session on food prices

The United Nations will hold a special session later this month to talk about food prices. The meetings are due to the unprecedented spike in wheat prices and the riots in Mozambique that followed. The UN hopes that the session can come up with ideas to avoid another food price crisis as was experienced in 2007 and 2008.

From CNN, we read more about this new spike in food prices.

FAO officials, food experts and government representatives are scheduled to meet in Rome on Sept. 24 to find ways to ease the price fluctuation affecting grain markets, U.N. officials said in a statement.

Studies show that wheat prices soared in August, the biggest monthly rise in almost a year, officials said. They want to prevent a food crisis like ones in 2007 and 2008 that sparked riots in several nations.

Russia's restricted sale of grains, resulting from this summer's persistent drought, caused wheat prices to go up by five percent in August, the U.N. agency said. Russia recently banned grain exports.

Higher sugar and oilseed prices also contributed to the international food price hike, FAO officials said.

In the meantime, calm has returned to Mozambique's capital of Maputo after rioters protesting higher food prices caused mayhem in the city. Ten people died, including two children, officials said. More than 400 were injured, Mozambique officials said.

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