Inflation concerns emerge
Source: Agencies |
March 9, 2012, Friday
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Print Edition
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INFLATION concerns emerged yesterday as global food prices rose for a second straight month in February, the United Nation's food index showed.
World food prices rose 1 percent monthly in February, driven by gains in cereals, vegetable oils and sugar, but were still some 10 percent off a record high hit in February 2011, the UN's Food and Agriculture Organization said.
The FAO's chief economist played down further rises in the near term, looking for stabilization as crop seasons progress in main producing nations.
"I don't think the events of the last two months are going to be sustained in the coming months, although there is always a risk," FAO's senior economist Abdolreza Abbassian said. "The early (crop) indications suggest that we should not be worried too much about the return to the kind of price levels we had last year this time. We are far from that."
Food prices hit record highs in February 2011, helping to stoke unrest related to the Arab Spring. Prices have fallen since then but their upturn in the first two months of 2012 is raising inflation concerns.
International markets have been brisk with major buying interest from Iran, paying a premium for grain in the face of tougher Western sanctions.
The FAO's food price index, which measures monthly price changes for a food basket of cereals, oilseeds, dairy, meat and sugar, averaged 215.3 points in February, up from a revised 212.8 points in January, the Rome-based agency said.
World wheat output this year is expected to fall 1.4 percent from last year's record crop to 690 million tons, but it would still remain above the average of the past five years, the FAO said separately in its Crop Prospects and Food Situation report.
World food prices rose 1 percent monthly in February, driven by gains in cereals, vegetable oils and sugar, but were still some 10 percent off a record high hit in February 2011, the UN's Food and Agriculture Organization said.
The FAO's chief economist played down further rises in the near term, looking for stabilization as crop seasons progress in main producing nations.
"I don't think the events of the last two months are going to be sustained in the coming months, although there is always a risk," FAO's senior economist Abdolreza Abbassian said. "The early (crop) indications suggest that we should not be worried too much about the return to the kind of price levels we had last year this time. We are far from that."
Food prices hit record highs in February 2011, helping to stoke unrest related to the Arab Spring. Prices have fallen since then but their upturn in the first two months of 2012 is raising inflation concerns.
International markets have been brisk with major buying interest from Iran, paying a premium for grain in the face of tougher Western sanctions.
The FAO's food price index, which measures monthly price changes for a food basket of cereals, oilseeds, dairy, meat and sugar, averaged 215.3 points in February, up from a revised 212.8 points in January, the Rome-based agency said.
World wheat output this year is expected to fall 1.4 percent from last year's record crop to 690 million tons, but it would still remain above the average of the past five years, the FAO said separately in its Crop Prospects and Food Situation report.
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