Global food prices spike because of bad weather, increased demand

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The Food Price Index was up but remained lower than one year ago.

Global food prices have increased by 2.6 per cent in February because of bad weather and increased demand, according to the Food and Agriculture Organization.

The FAO Food Price Index, based on the prices of a basket of internationally-traded food commodities, registered its sharpest increase since mid-2012.

While recent hikes in wheat and corn prices are a response to recent developments in Ukraine, the agency notes, the February increase in the Index cannot be attributed to those events.

It says changing conditions in Ukraine and Russia, two major cereal exporters, are more likely to influence the value of the index in the coming month.

Sandra Ferrari spoke to Concepción Calpe, FAO Senior Economist who explains the increase in this month's index.

Duration:  3’27″

 

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