Global food prices rose for the eighth straight month in February, the United Nations Food and Agriculture Organization (FAO) reported today, while also warning that unexpected spikes in oil prices could exacerbate an already precarious situation in food markets. The FAO Food Price Index – a measure of basic food prices at the international level – averaged 236 points in February, up 2.2 per cent from January, the highest record in...
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Recent oil price surge adds to concerns over high food prices
Global food prices increased for the eighth consecutive month in February, with prices of all commodity groups monitored rising again, except for sugar, FAO said today. FAO expects a tightening of the global cereal supply and demand balance in 2010/11. In the face of a growing demand and a decline in world cereal production in 2010, global cereal stocks this year are expected to fall sharply because of a decline in...
More »Centre slashes MEP for onions by 25% to $450
In a major relief to farmers and Exporters, the Centre on Wednesday slashed the minimum Export price (MEP) for onions by 25 per cent to $450 a tonne from $600. “Minimum Export Price of onions other than Bangalore Rose onions and Krishnapuram will be $450 per tonne freight on board,” Directorate General of Foreign Trade (DGFT) said in a notification. Last month, the government had lifted a ban on onion Exports after...
More »Agriculture reform key to India budget by James Lamont
Pranab Mukherjee, India’s finance minister, put the rural economy at the heart of a national budget on Monday, saying ridding the farm sector of crippling supply bottlenecks would be his “focus” in the coming fiscal year.A market-neutral budget supporting agriculture, welfare schemes and the extension of banking services to more people was designed to dispel any sense that the Congress party-led government was in drift after a series of high...
More »“Encourage organised retail for agri-produce” by Neena Vyas
Ban futures trading in essential commodities, says Modi report As chairman of the working group on consumer affairs, Gujarat Chief Minister Narendra Modi has recommended that futures trading in essential commodities be banned and that organised retail in agri-produce be encouraged to make a dent in food inflation. The working group, comprising the Chief Ministers of Gujarat, Tamil Nadu, Maharashtra and Andhra Pradesh, was set up in April last. Mr. Modi...
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