UN warns about higher food costs


Higher food prices may be here to stay as demand from developing countries and production costs rise, says an influential report.
A report by the UN’s Food & Agriculture Organisation (FAO) and the body for rich nations, the OECD, said prices will fall, but only gradually.
It said the current price spike was higher than previous records, partly due to bad weather ruining crops.
But factors, such as rising biofuel demand, will keep future costs high.
The FAO said speculators were also to blame for volatile commodity markets. [Read more]


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