Rising Oil Prices To Impact Food Costs
Rising Oil Prices To Impact Food Costs
The United Nations' Food and Agriculture Organization released its monthly Food Price Index on Thursday, showing that prices hit a record high in February for the second straight month, and warned that continuing increases in the price of oil could impact already volatile cereal markets.
Climbing food prices are an increasingly significant global concern, fueling political unrest in the Middle East and North Africa which has already led to the unseating of governments in Tunisia and Egypt and has driven oil prices up in the last few weeks.
Insiders say that the higher prices on commodities like grains and fruits and vegetables will likely remain inflated at least until the condition of new crops is determined. Many economists also feel that rising fuel costs will continue to bleed over into grain markets, which have seen the benchmark US price for wheat climb 60 percent in just the first two months of 2011.
Oil prices are at a 2-and-a-half year high, closing in on records set in summer, 2008, with markets reacting to unrest in several key producers including Libya. Insiders are concerned that the unrest could end up spilling over into Saudi Arabia, a key OPEC producer and a vital US ally. Farmers, food manufacturers, and distributors are affected by rising fuel costs, and eventually muss pass higher prices on to consumers.
The United Nations' Food and Agriculture Organization released its monthly Food Price Index on Thursday, showing that prices hit a record high in February for the second straight month, and warned that continuing increases in the price of oil could impact already volatile cereal markets.
Climbing food prices are an increasingly significant global concern, fueling political unrest in the Middle East and North Africa which has already led to the unseating of governments in Tunisia and Egypt and has driven oil prices up in the last few weeks.
Insiders say that the higher prices on commodities like grains and fruits and vegetables will likely remain inflated at least until the condition of new crops is determined. Many economists also feel that rising fuel costs will continue to bleed over into grain markets, which have seen the benchmark US price for wheat climb 60 percent in just the first two months of 2011.
Oil prices are at a 2-and-a-half year high, closing in on records set in summer, 2008, with markets reacting to unrest in several key producers including Libya. Insiders are concerned that the unrest could end up spilling over into Saudi Arabia, a key OPEC producer and a vital US ally. Farmers, food manufacturers, and distributors are affected by rising fuel costs, and eventually muss pass higher prices on to consumers.
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