07 Apr '11, 5pm

Galloping Food Price Index Shows First Dip in Months: The price index is still 37 percent higher than it was a y...

Galloping Food Price Index Shows First Dip in Months: The price index is still 37 percent higher than it was a y...

Reuters Palm oil storage tanks at a refinery in Marunda, Indonesia. In Thursday’s Times, I write about the impact that cultivating food crops to manufacture biofuels has had on food prices, which have been at or near record highs over the last six months, On Thursday, the United Nations Food and Agriculture Organization released its latest Food Price Index, which showed a slight decline for the month of March. The index, created in 1990, was down 2.9 percent from its peak in February. It was the first dip in the index, which measures the price of a set “basket” of food commodities, in the last eight months. But to keep things in perspective, the index is still 37 percent above where it stood a year ago. And that steep rise in food prices has meant a significant increase in hunger globally. If you glance at the chart that accompanies the release of the index each month, you...

Full article: http://green.blogs.nytimes.com/2011/04/07/galloping-food-...

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