Food Prices Hit New Highs As Oil Rises

3

news.com.au

WORLD food prices have hit new records and oil price spikes could push them even higher, the UN food agency warned as unrest in the Middle East and North Africa hits markets.

The Food Price Index, which monitors average monthly price changes for a variety of key staples, rose to 236 points in February from 231 points in January, the UN’s Food and Agriculture Organization (FAO) said.

It was the highest level since FAO began monitoring prices in 1990.

“Unexpected oil price spikes could further exacerbate an already precarious situation in food markets,” David Hallam, director of the Rome-based FAO’s trade and market division, said.

“This adds even more uncertainty concerning the price outlook just as plantings for crops in some of the major growing regions are about to start.”

Crude prices pushed higher Thursday amid fighting in oil-rich Libya. New York’s main contract, light sweet crude oil for April delivery, rose to $102.56 and Brent North Sea crude for April was up at $116.65.

“Persistent uncertainty in the region continues to support fears of contagion,” British bank Barclays Capital said in a report.”Lost output from countries like Libya and the increasing likelihood of a pushback in foreign investment is set to support longer-term prices,” it said.

The International Energy Agency said oil exports from Libya had been cut by between 850,000 and one million barrels per day, out of a total of 1.6 million barrels sent mostly to European buyers before the uprising.

The FAO has warned that rising food prices are driving unrest around the world, including recent uprisings in the Middle East and North Africa.

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3 Responses

  1. The political hacks and the finance hyenas must be taken out by the seat of their pants. It’s time to flush all the corruption down the toilet.

  2. Abaddon says:

    Many are the plans in the heart of man but death is the end of it afterward, so says the proverb. Those “globalists” are digging their own grave, if people think they can control a WORLD, and the 7BILLION people upon it, think again. The world is now in turmoil, and falling apart at an alarming rate, when the basic essentials become beyond the reach of the many, people will not remain passive as is already highlighted with riots across the Arab world. That is coming everywhere, and those peole who think that those “elite” will be hiding in their bunkers until we will have killed each other off, think again. Many will not reach their bunkers, madame guillotine is coming out of mothballs. Just look at the world leaders, they are all afraid of what they are seeing happening to all kinds of administrations, they are on the menu to. The possibilities and probabilities are to many for even the best to determine as to the what and how, and the where and when will take place. So let us not give to much credence to those vultures in power, they will go the way of all those who proceeded them, usually hung drawn and quartered by the very ones they exploited.
    Where do you hide from death?

  3. Before the globalist can establish one world government under international bankers, they must destroy the national currency with hyper-inflations and the economy. The economy is based on petroleum. When the price of oil goes up so does the over all cost of living because the goods have to be transported by the shipping companies. It they have to pay more for fuel, they will pass it on to the consumer in the form of highter prices at the retail level. I call it the reverse Hamster Wheel Economy. There is a limit to the amount that the consumer can bare. That will occur when all of the wealth is concentrated in the hands of the few or when the parasites suck all the blood out of their victims. The commercialist are going to run the middle class through the washing machine ringer, than they are going to pull the plug on the sink drain.

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