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FAO: Food prices continue to rise

The latest report by the United Nations’ Food and Agriculture Organization (FAO) says that agricultural commodity prices rose sharply in 2007, the overall price-index of FAO increased by 37% until September (the same value was 9% in 2006).

Especially high was the increase in wheat (50%-65%) and oil cops (60%-70%) costs. Soaring petroleum prices have driven up prices for agricultural crops by raising input costs and by boosting demand for crops used to produce biofuels. High feed prices have also increased the cost of animal farming and resulted in an increase in livestock prices. Poultry prices hit a 10-year record, milk-prices doubled. Experts agree that the increase of food price will continue next year, by wheat and soybean at a lower rate, by maize and rice, however, at an even higher rate that this year. (Gazdasági Rádió)