By Carol McCracken (Post # 728)
The United Nations Food and Agriculture Organization (FAO) has just announced that for the eight consecutive month in February, the cost of global food prices has increased. The exception to this is the price of sugar. Cereal prices in particular have hit a record high.
International cereal prices have increased sharply with export prices of major grains up at least 70 percent from February of last year. “Unexpected oil price spikes could further exacerbate an already precarious situation in food market,” said David Hallam, director of FAO’s Trade and Market Divison.
“This adds even more uncertainity concerning the price outlook just as plantings for crops in some of the major growing regions are about to start,” he added.
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