Food price rises stoke riot fears

Published by rudy Date posted on November 2, 2010

Food prices have soared to lev-els last seen in the 2007-08 crisis after a big October rise, the UN’s Food and Agriculture Organisation said on Tuesday.

The increase will renew fears about a  repetition of the wave of food riots that rocked poor countries from Bangladesh to Haiti two years ago. Higher agricultural commodities costs will also hit consumers in richer countries, with food companies such as  McDonald’s and Kraft already announcing price rises for 2011.

“The situation has deteriorated rapidly,” said Abdolreza Abbassian, economist at the FAO in Rome, adding that prices were “getting closer to the levels of 2008”. The FAO said its price index, a basket of wheat, corn, rice, oilseeds, dairy products, sugar and meats, jumped last month to 197.1 points – up nearly 5 per cent from September and the highest level in more than two years.

The index has now surpassed the levels seen during the early stages of the 2007 food crisis, and it is only below the peak of the calamity between February and July of 2008. “Prospects for improvements are very limited,” said Mr Abbassian, echoing a view widely held among crop commodities traders.

Until recently, the FAO had predicted that food prices would fall soon, but now officials are concerned that high costs could continue well into next year or even rise further. Wheat planting in the breadbasket region of the Black Sea is well below expectations, prompting forecasts of another low crop in 2011.

Moscow said last week that Russia’s farmers were set to plant about 15.5m hectares of winter grain crops this year – down from an earlier forecast of 18m hectares. Russia has banned grain exports until mid-2011 while Ukraine has put quotas on wheat, corn and barley, limiting overseas sales. The rally in global food cost in October was led by sugar prices, which hit a 30-year high on Tuesday, and costlier corn, soyabeans and milk.

The FAO drew comfort from relatively stable prices for wheat and rice, the two more important cereals for global food security, which remain far below their all-time highs. Wheat and rice are the staple of 5bn people in Asia and Africa. Rice hit an all-time high of over $1,000 a tonne in mid-2008, but traded last week at $505. Wheat hit a record $12.5 a bushel in February 2008 and traded at $7 a bushel on Tuesday. –Javier Blas in London, Financial Times

July 2025

Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.

Accept National Unity Government (NUG)
of Myanmar.  Reject Military!

#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

July


3 July – International Day of Cooperatives
3 Ju
ly – International Plastic Bag Free Day
 
5 July –
World Youth Skills Day 
7 July – Global Forgiveness Day
11 July – World Population Day 
17 July – World Day for
International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons 


Monthly Observances:

Schools Safety Month

Nutrition Month
National Disaster Consciousness Month

Weekly Observances:

Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week

 

Daily Observances:

First Saturday of July:
International Cooperative Day
in the Philippines

Categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.