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| World food prices at fresh high, says FAO | World food prices at fresh high, says FAO |
| (about 6 hours later) | |
| World food prices rose to a record high in January, according to the UN's Food and Agricultural Organization (FAO). | World food prices rose to a record high in January, according to the UN's Food and Agricultural Organization (FAO). |
| The FAO Food Price Index, which measures the wholesale price of basic foods within a basket, averaged 231 points last month - its highest level since records began in 1990. | |
| It was up 3.4% from December, the seventh monthly rise for the index. | |
| "These high prices are likely to persist in the months to come," FAO economist Abdolreza Abbassian said. | "These high prices are likely to persist in the months to come," FAO economist Abdolreza Abbassian said. |
| The index is now higher than June 2008 when the cost of food sparked violent protests in countries including Cameroon, Haiti and Egypt. | |
| The individual group components of the index, apart from meat, all registered rises in January. | The individual group components of the index, apart from meat, all registered rises in January. |
| The Cereal Price Index averaged 245 points in January reflecting rises in the price of wheat and grain. This was driven higher by flooding in Australia, which is a major wheat exporter. | The Cereal Price Index averaged 245 points in January reflecting rises in the price of wheat and grain. This was driven higher by flooding in Australia, which is a major wheat exporter. |
| Rice prices fell slightly as the data coincided with harvests in many countries. | Rice prices fell slightly as the data coincided with harvests in many countries. |
| Contamination fear | Contamination fear |
| Rises were particularly high for dairy products, up 6.2% from December. Prices were driven higher by a combination of lower supply and increasing demand in emerging economies such as China and India. | Rises were particularly high for dairy products, up 6.2% from December. Prices were driven higher by a combination of lower supply and increasing demand in emerging economies such as China and India. |
| The Meat Price Index held steady at 166 points despite falling prices in Europe where a large amount of animal feed was found to have been contaminated with dioxin. | The Meat Price Index held steady at 166 points despite falling prices in Europe where a large amount of animal feed was found to have been contaminated with dioxin. |
| This was offset by a small increase in meat prices in Brazil and the United States. | This was offset by a small increase in meat prices in Brazil and the United States. |
| Sugar prices also remained high due to tight supplies. | Sugar prices also remained high due to tight supplies. |
| Political unrest | Political unrest |
| The high price of food is thought to have been a factor in recent political unrest in both Algeria and Tunisia in the form of anti-government demonstrations, protests which have spread to neighbouring Egypt and Jordan. | The high price of food is thought to have been a factor in recent political unrest in both Algeria and Tunisia in the form of anti-government demonstrations, protests which have spread to neighbouring Egypt and Jordan. |
| Recently, white sugar futures hit a record high because of concerns about the damage Cyclone Yasi could cause to the Australian cane crop. | Recently, white sugar futures hit a record high because of concerns about the damage Cyclone Yasi could cause to the Australian cane crop. |
| World Bank President Robert Zoellick has asked global leaders to "put food first" and tackle the problem of price volatility. | World Bank President Robert Zoellick has asked global leaders to "put food first" and tackle the problem of price volatility. |
| "We are going to be facing a broader trend of increasing commodity prices, including food commodity prices," he said. | "We are going to be facing a broader trend of increasing commodity prices, including food commodity prices," he said. |
| Commodities prices have been on the rise generally with copper hitting a record high of $10,000 a tonne. | Commodities prices have been on the rise generally with copper hitting a record high of $10,000 a tonne. |
| Oil was also up on Thursday with Brent crude rising to $103.37 a barrel. | Oil was also up on Thursday with Brent crude rising to $103.37 a barrel. |