Food Prices Are Surging Around The World And Reserves Have Sunk To A 4-Year Low

corn

Photo: Youtube

Drought conditions in Russia and the U.S. caused worldwide food prices to jump 6 per cent in July, according to the United Nations. Maize prices increased by nearly 23 per cent, while wheat costs increased 19 per cent.

Sugar prices increased 12 per cent for the opposite reason, as heavy rains in Brazil washed out large portions of crop.

Meat prices were held at bay by softening demand, declining 3 per cent.

Separately, Bloomberg reported combined inventories of corn, wheat, soybeans and rice will drop 1.8 per cent to a four-year low before harvests in 2013.

Here are the U.N.’s charts:

fao1

Photo: UN

fao

Photo: UN

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