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LATEST NEWS UPDATES | FAO warns against short-term measures to tame inflation

FAO warns against short-term measures to tame inflation

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published Published on Jan 28, 2011   modified Modified on Jan 28, 2011

Warning against high inflationary trends, United Nation's Food and Agriculture Organisation (FAO) has asked developing countries not to take short-term policy measures like export curbs to contain food prices.

Developing countries should "carefully examine the implications of high food prices and not to take any policy actions that might appear useful in the short term but could have harmful, longer-term effects or even aggravate the situation", the UN body said, while releasing the latest policy guide for countries to tame food inflation.

The FAO guide will assist policy makers in developing countries in addressing the negative impacts of high food prices, it said.

India's food inflation still continues to rule high at 15.57 per cent. To tame the rising inflation, the government has taken measures such as ban on export of onions, non-basmati rice, wheat, besides withdrawing duty benefits on export of milk products.

The guide addresses the conditions under which policies and programmes are best adapted. It also cautions against measures that might appear useful in the "short term" but which could have harmful longer-term effects, it added.

The FAO Food Price Index, a measure of basic food prices at international level, peaked in December 2010.

Sharing the experience of the food crisis of 2007-08, FAO's Policy and Programme Development Support Division Director Richard China said, "...In some cases, hastily taken decisions by governments to mitigate the impact of crisis have aggravated its impact on food security."

He also pointed out that export restrictions applied by some surplus food-producing countries exacerbated the global food market situation during the 2007-08 crisis.

"FAO strongly advises against such measures (export curbs), as they often provoke more uncertainty and disruption on world markets and drive prices up further globally, while depressing prices domestically and hence curtailing incentives to produce more food," he noted.

The FAO guide emphasises that there is no "one size fits all" solution that can be applied with the same chance of success in every country.

The mix of policy and programmatic actions has to be specifically adapted to local conditions and agreed upon by key stakeholders in each country, it said.

The Business Standard, 27 January, 2011, http://www.business-standard.com/india/news/fao-warns-against-short-term-measures-to-tame-inflation/123711/on


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