World food prices climbing toward new record

InternAdmin Contributor

World food prices rose in June as the cost of sugar, meat and dairy increased, adding to inflationary pressure that has prompted central banks across the world to raise interest rates.

An index of 55 food commodities rose to 233.8 points from 231.4 points in May, the United Nations’ Food and Agriculture Organization said in a report on its website today. The gauge climbed to an all-time high of 237.7 in February.

Food will remain costly in the next few years and price swings will be around “for a long time,” Jose Graziano da Silva, the FAO’s director-general elect, said June 27.

Full story: World Food Prices Climb on Sugar, Dairy Costs, Stoking Inflation Pressure – Bloomberg