12 Jan '12, 4pm

Food prices at record high in 2011

Food prices at record high in 2011

PARIS: The price of basic foodstuffs hit a record high in 2011, with the cost of cereals surging by more than a third over the last 12 months, the UN's Food and Agriculture Organisation said on Thursday. The FAO said its monthly Food Price Index averaged 228 points in 2011, the highest level since records began in 1990, although prices did slide by some 2.4 percent in December. The previous high was in 2008 at 200 points. The Rome-based organisation said its cereal price index -- which includes the cost of rice, wheat and maize -- averaged 247 points in 2011, up some 35 percent from 2010 and the highest since the 1970s. Meat prices in 2011 were 16 percent higher than in 2010 while dairy products such as milk and butter were on average 10 percent dearer, the FAO survey found. The organisation said average prices were at their highest in February 2011 when the index hit 238 ...

Full article: http://www.channelnewsasia.com/stories/afp_world/view/117...

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