TV News LIES

Monday, Aug 03rd

Last update03:16:06 AM GMT

You are here News Environment World on track for record food prices 'within a year' due to US drought

World on track for record food prices 'within a year' due to US drought

E-mail Print PDF

Food prices to riseBrace yourself for some painful "agflation". That is the shorthand for agricultural commodity inflation, otherwise known as rising food prices.

They are being driven upwards by the climb in grain and oilseed prices as US crops weather the country's worst drought since 1936, while the farming belts of Russia and South America suffer through similar water shortages.

What we are seeing represents the third major rally in global grain and oilseed prices in just half a decade.

Worse is to come, new research warns. World food prices look set to hit an all-time high in the first quarter of next year – and then keep rising, according to the analysis from Rabobank, a specialist in agricultural commodities.

By June 2013, the basket of food prices tracked by the United Nations could climb 15pc from current levels, according to the bank's analysts.

"The coming year will see the world economy re-enter a period of agflation as grain and oilseed stocks decline to critically low levels, pushing the FAO [Food and Agricultural Organisation] Food Price Index above record nominal highs set in February 2011," they say.

More...


Most Recent Related Stories...


‘I drank the water and ate the fish. We all did. The acid has damaged me permanently’

I drank the water, ate the fish....You can’t see the old Chingola copper mine, with its smelter and refinery, from the village...

Wildfires prompt Brown to declare state of emergency in California

California firesGov. Jerry Brown declared a state of emergency for all of California in the wake of...

Obama To Announce The 'Biggest, Most Important Step' So Far On Climate

Climate changeThe Obama administration will release final standards for power plants on Monday that are, in several...

Pair of earthquakes rattle parts of northern Oklahoma

Oklahoma earthquakesA pair of earthquakes has rattled parts of northern Oklahoma previously shaken by a swarm of...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!