Global food prices have hit a new record in December, announced Wednesday, January 5 The United Nations Food and Agriculture Organization (FAO), surpassing the highs reached in 2008 when their outbreak had caused riots in several countries. Food prices in December 2010 recorded their sixth consecutive month, boosted by higher prices for sugar, cereals and oilseeds.The monthly index of the FAO measure price changes of a basket of products including cereals, oilseeds, dairy products, meat and sugar. It stood at 214.7 points last month, against 206 in November, and above its previous record of 213.5 points in June 2008. The sugar price index soared to 398.4 points against 373.4 points in December the previous month.
The grain rose 237.6 points, its highest level since August 2008 against 223.3 in November. That of oilseeds rose to 263.0 points against 243.3. The year 2010 was marked by an unprecedented drought in Russia, forcing it to suspend its exports of cereals. More recently, floods in Queensland, Australia, are beginning to be felt on the prices of several export products, which may particularly affect Asian markets (India, Bangladesh and Japan in the lead).
Canberra plans already reduced by 25% its sugar exports in 2011.
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