BREAKING NEWS

FAO food price index hits record high in February

By REUTERS

MARCH 3, 2011 11:25

MILAN - The FAO index of global food prices climbed to a fresh record high in February, above 2008 peaks when high food prices sparked riots in several countries, UN Food and Agriculture Organization data showed on Thursday.

The index, which measures monthly price changes for a food basket composed of cereals, oilseeds, dairy, meat and sugar, averaged 236 points in February, the record in real and nominal terms, up 2.2 percent from January's record and rising for the eighth month in a row.

FAO said in a statement it expected a tightening of the global cereal supply and demand balance in 2010/11.

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