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Global Food Prices Hit Record High

Global Food Prices Hit Record High - Global food prices rose to a fresh high in December, according to the UN's Food and Agricultural Organisation (FAO).

Its Food Price Index went above the previous record of 2008 that saw prices spark riots in several countries.

Soaring sugar, cereal and oil prices had driven the rise, the report said.

The index, which measures monthly price changes for a food basket composed of dairy, meat and sugar, cereals and oilseeds, averaged 214.7 points last month, up from 206 points in November.

Global Food Prices Hit Record High

It stood at 213.5 points at the high of June 2008.

However, despite high prices, FAO economist Abdolreza Abbassian said that many of the factors that triggered food riots in 2007 and 2008 - such as weak production in poor countries - were not currently present, reducing the risk of more turmoil.

But he added that "unpredictable weather" meant that grain prices could go much higher, which was "a concern".

Global Food Prices Hit Record High
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