By Stanley Opara with agency report
Monday, 10 Jan 2011
Global food prices hit a record high last month, outstripping the levels that sparked riots in several countries in 2008, and key grains could rise further, the United Nations‘ food agency has said.
The world‘s biggest economies are working to find ways to bring down soaring food prices, a G20 official said on Friday, as some exporters vowed to keep rice supply steady and avert a repeat of the 2008 food crisis, Reuters said on Friday.
One concern is that high food prices could hit consumer spending in fast-growing emerging countries that are leading the revival of the global economy.
Nigeria‘s consumer price inflation rose to 15.1 per cent year-on-year in December from 14.8 per cent the previous month, according to the National Bureau of Statistics.
Growth in food prices, which form much of the index basket, declined slightly to 18 per cent year-on-year from 18.1 per cent in November, the bureau also said in its latest report.
Inflation rose on a month-by-month basis, with the composite consumer price index up by 0.8 per cent to 192.6 points in December.
â€ÂÂThe rise in the index was caused mainly by an increase in the price of some staple food items, transportation and miscellaneous services,†the report said.
Policymakers are, however, concerned that, if unchecked, rising food prices could stoke inflation, protectionism and unrest.
High food prices and unemployment were blamed for a second day of rioting in Algeria on Friday with Police deployed around mosques and authorities suspending football matches.
Source: Punch
