Food prices on the rise
Posted Apr 26, 2012 7:00 am.
This article is more than 5 years old.
It hasn’t shown up in Canadian grocery aisles yet, but the World Bank is predicting a jump in global food prices this year.
World food prices jumped eight per cent in the first quarter after dipping late last year from record highs according to the World Bank’s quarterly index.
Unless food producers manage to funnel more products into the market economists worry prices could continue to spike.
Of all the major crops only rice avoided a price increase.
The cost of corn went up nine percent, soy bean up seven percent, wheat increased six percent and sugar went up five percent.
The USDA has long predicted food price would spike this year due in large part to high commodity and energy price.
Some regions suffering more then others, in Africa prices are especially steep due to the continents dependence on imports as well as trade restrictions.
