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Trade News

Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Rising Food Prices

Tuesday, May 27, 2008 > 15:37:42
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(Source: ITC. Article by Rajesh Aggarwal)

 

Rising Food Prices

 

The issue of rising food prices and their impact on food security of populations around the World has prompted UN Secretary General Ban Ki- Moon to get a top level UN task force and World leaders to tackle the world food crisis. The issue was also raised for the first time at the WTO’s General Council meeting on 7 May 2008. In last one year or so, the prices of food grains along with other commodities have soared. “Before recent price hikes, the real price of food had been falling since the 1950s. The green revolution that began in mid 1960s saw developing world farmers planting improved varieties of cereals, prompting extraordinary increases in yields, falling food prices and reductions in poverty. But food prices have risen since the early 2000 and particularly since 2006.

The price of a tonne of wheat climbed from $105 in January 2000 to $167 in January 2006 to $481 in March 2008 (IMF Primary Commodity Prices, 2008). Forecasts for the next ten years predict continuing high prices because of structural changes in supply and demand (ODI, Briefing Paper, April 2008, www.odi.org.uk). …

 

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