Wednesday, January 5, 2011

Food Price Riot Alert

Global food prices rose in December based on the U.N.Food and Agricultural Organization Food Price Index at a record high, the organization said on today. The climb pushed it past 2008 highs when rising food prices sparked riots in a number of countries, reports Reuters.

Food prices were up for the sixth month in a row.

The index, which measures monthly price changes for a food basket composed of cereals, oilseeds, dairy, meat and sugar, averaged 214.7 points last month, up from 206.0 points in November.

The FAO's Sugar Price Index soared to a record high of 398.4 points from 373.4 points in November.

Its Cereals Price Index, which includes prices of main food staples such as wheat, rice and corn, rose to an average of 237.6 points in December, the highest level since August 2008 and up from 223.3 points in November.

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