06 Feb '11, 5am

Food prices around the world are soaring - but experts warn that consumers should expect prices to rise even further

Food prices around the world are soaring - but experts warn that consumers should expect prices to rise even further

A vendor arranges fish for sale inside a wet market in Pasay city, metro Manila. -- PHOTO: REUTERS WASHINGTON - FROM McDonald's burgers in the United States to sugar in Bolivia and chilis in Indonesia, food prices across the globe are soaring. But consumers and governments should brace themselves for even higher prices, experts warn, as demand in populous emerging economies will put pressure on supplies for years to come. A 'perfect storm' of bad weather, rapid growth in emerging economies - with people eating more higher-value, resource-intense food - and low interest rates has sent prices for a broad range of farm and non-farm commodities climbing often at double-digit rates: from wheat to corn, cotton to rubber, and oil to boot. And while it resembles the sharp spike in food and oil prices of 2007-2008, analysts say the current trend is less speculative in nature and no...

Full article: http://www.straitstimes.com/BreakingNews/World/Story/STIS...

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