Thursday, October 04, 2012

Food prices increased in September

Food prices went up again in September according to the latest survey for the U. N.s Food and Agriculture Organization. Droughts in the U. S. and Russia are to blame for the latest increase. Food prices continue to inch closer to the record levels experienced during the global food crisis of 2008.

From Reuters Alert Net, we read this short summary of the report.
The FAO Food Price Index, which measures monthly price changes for a food basket of cereals, oilseeds, dairy, meat and sugar, averaged 216 points in September, up 3 points from the reading in August, the FAO said in its monthly update.
The rise reflected mainly higher dairy and meat prices, with more contained increases for cereals, it said.
 The Rome-based agency said it had cut its 2012 world cereals output forecast by 0.4 percent to 2.286 billion tonnes from a previous estimate of 2.295 billion tonnes, mainly due to a smaller maize crop in central and southeastern parts of Europe, where yields have been hit by prolonged dry conditions.

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