Fears of poor sugar harvest drive UN food price index to within 1.6% of February record
Wikimedia Commons image |
Tom Bawden
Guardian
Hard-pressed consumers face higher grocery bills after new figures showed that food prices jumped by 1.3% in June to within a whisker of their record high.
The United Nations Food and Agriculture Organisation (FAO) food price index increased by 3 points to 234 points last month – a 39% increase on the year – as concerns about weak Brazilian sugar production sent sugar prices soaring by 14%, outweighing a decline in cereal costs.
As analysts at Goldman Sachs predicted that commodity prices would continue rising into next year, the average food price is now only 1.6% below February’s record, when the FAO’s basket of 55 food commodities reached 238 points.
RELATED ACTIVIST POST ARTICLES:
7 Reasons Food Shortages Will Become a Global Crisis
5 Simple Ways to Protect Yourself From Food Inflation
Be the first to comment on "Food prices up 39% in 2011, head back towards record highs"