Food Prices Continue to Rise

Newly released data by FAO show that food prices continued to rise, up 3.4% from the last month of 2010. This is yet another record high. Here is a plot based on the FAO data (click to enlarge):


An article in today’s New York Times attributes much of the rise in price to uncertainty over coming harvests. It also notes the four main factors that contribute to increased price: weather, higher demand (from larger population size and greater demand for meat and dairy), smaller yields, and the diversion of food crops to biofuels.

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