09 Aug '12, 8pm

Another Jolt to Global Food Prices

Another Jolt to Global Food Prices

Reuters A drought-stricken cornfield near Princeton, Ind., last month. For anyone doubting the importance of American agriculture to world markets, the latest price report from the United Nations Food and Agriculture Organization will be revealing.The agency reported on Thursday that its food price index jumped by 6 percent in July. That was largely because of rising grain prices, with the drought in the United States and its expected impact on the corn harvest being the biggest factor. The cereals component of the index jumped 17 percent. The report is a reversal of the recent trend in food prices; they had declined for three straight months. And it is a reminder that the global food crisis that came to a head in 2008 and again in 2011, with riots in dozens of countries, is by no means over. Many prices are still below their peak levels of recent years, true enough, but t...

Full article: http://green.blogs.nytimes.com/2012/08/09/another-jolt-to...

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