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Friday, April 11, 2008

No Sign of Slow Down: Food Prices Keep Rising

*Rice prices are set to keep rising as demand for the staple is outstripping production, the International Rice Research Institute (IRRI) has said. The price of rice has risen by as much as 70% during the past year, with increases accelerating in recent weeks. Several rice-producing countries have put curbs on exports in recent weeks. More here.
*Also on Thursday, World Bank President Robert Zoellick held a news conference on 'Rising Food Prices,' up an average of 83% worldwide in the three years preceding February, focusing on contributing factors: "You have some of those countries moving to a different diet. So more meats require more grains. You have the biofuels expansion, which is a big source of demand," he said, pointing out that droughts, financial market speculators and increased demand have also helped create "a perfect storm." Complete report here.
Food Crisis in Focus: a special report on the increasing cost of food from the BBC here.
Follow-up 4.12.08: After protests, Haitian leader announces rice subsidies. Price for a 50-pound bag of rice goes from $51 to $43, a nearly 16 percent reduction. More here.
Follow-up 4.13.08: Treasury Secretary Henry Paulson warns governments to resist food price controls, which he says will likely make the situation worse. More here.

posted by CASFS 2006 @ 6:40 AM


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