Too Soon To Rejoice Over Drop In Food Prices
Source: Agencies |
April 8, 2011, Friday
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Print Edition
Print Edition
GLOBAL food prices have fallen for the first time in eight months, but it's premature to conclude that means the recent sharp spike is over, a United Nations agency said yesterday.
The Rome-based UN Food and Agriculture Organization said in a report that its price index averaged 230 points in March 2011, down 2.9 percent from its peak in February but still 37 percent above March 2010.
The decrease "brings some welcome respite from the steady increases over the last eight months," said David Hallam, director of the FAO's trade and market division
But Hallam said much will depend on new plantings. Rising oil prices due to turmoil in North Africa and the Middle East and the destruction in Japan from the country's earthquake will also make for uncertainty and volatility over the coming months, he said.
Food experts have been girding for a rerun of the 2007-2008 food crisis, when high prices led to violence and political tensions in many parts of the world.
Luca Chinotti, policy adviser of the Oxfam aid agency, said in an e-mail that it's premature to rejoice because many poor communities are already feeling the effects of high prices, while grain stocks in major exporting countries are at low levels.
The Rome-based UN Food and Agriculture Organization said in a report that its price index averaged 230 points in March 2011, down 2.9 percent from its peak in February but still 37 percent above March 2010.
The decrease "brings some welcome respite from the steady increases over the last eight months," said David Hallam, director of the FAO's trade and market division
But Hallam said much will depend on new plantings. Rising oil prices due to turmoil in North Africa and the Middle East and the destruction in Japan from the country's earthquake will also make for uncertainty and volatility over the coming months, he said.
Food experts have been girding for a rerun of the 2007-2008 food crisis, when high prices led to violence and political tensions in many parts of the world.
Luca Chinotti, policy adviser of the Oxfam aid agency, said in an e-mail that it's premature to rejoice because many poor communities are already feeling the effects of high prices, while grain stocks in major exporting countries are at low levels.
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