International food prices rise 6% in July
Source: Agencies |
August 10, 2012, Friday
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Print Edition
Print Edition
INTERNATIONAL food prices rose sharply in July after three months of decline, driven by a spike in grain and sugar prices, a United Nations report said yesterday.
Severe drought gripping the US Midwest has sent corn prices soaring by almost 23 percent and expectations of worsened crop prospects in Russia because of dry weather sent world wheat prices up 19 percent.
The United States is the world's No. 1 exporter of corn, soybeans and wheat and the price hikes are expected to be felt across the international marketplace, hurting poor food-importing countries, said a study by British charity Oxfam issued on the eve of the UN report.
The Rome-based UN Food and Agriculture Organization said in its monthly price report yesterday that its index climbed 6 percent in July although it was well below its peak reached in February 2011.
The agency keeps a close watch on volatile global prices because spikes in the costs of staple foods have led to riots in some countries.
A bright note was that international rice prices remained mostly unchanged, as were dairy prices.
Severe drought gripping the US Midwest has sent corn prices soaring by almost 23 percent and expectations of worsened crop prospects in Russia because of dry weather sent world wheat prices up 19 percent.
The United States is the world's No. 1 exporter of corn, soybeans and wheat and the price hikes are expected to be felt across the international marketplace, hurting poor food-importing countries, said a study by British charity Oxfam issued on the eve of the UN report.
The Rome-based UN Food and Agriculture Organization said in its monthly price report yesterday that its index climbed 6 percent in July although it was well below its peak reached in February 2011.
The agency keeps a close watch on volatile global prices because spikes in the costs of staple foods have led to riots in some countries.
A bright note was that international rice prices remained mostly unchanged, as were dairy prices.
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