World Bulletin / News Desk
World food prices surged in July after falling in the previous three months and could rise further, increasing the potential for a food crisis of the kind seen in 2007/08, the United Nations food agency said on Thursday.
"Prices have the potential to increase further," the Food and Agriculture Organisation's senior economist and grain analyst Abdolreza Abbassian told Reuters. "Definitely it is not going to be a season where prices fall below the previous year."
A food crisis erupted five year ago as soaring grain futures markets helped push up prices and sparked violent food riots, although a rerun would only happen if countries started to introduce policies such as export bans, he said.
The FAO Food Price Index, which measures monthly price changes for a food basket of cereals, oilseeds, dairy, meat and sugar, averaged 213 points in July, up 12 points from June, and back to levels seen in April this year, the FAO said in a monthly index update.
July's level is still below a record of 238 points reached in February 2011, FAO said, but close to levels seen during the food crisis in 2007/08.
The loss of Khafji's 280,000 barrels per day of Arabian Heavy crude will be felt more in Kuwait, which has far less spare output than its neighbour
Under Lufthansa's proposals, pilots would still be able to retire early, but the age would gradually increase to 60 from 55.
Labor tension on the rise as high inflation reduces spending power.
Third quarter growth was lowest in more than five years, threatening annual target
De Margerie was killed when a business jet collided with a snow plough during takeoff at Moscow's Vnukovo International Airport overnight, the company and airport officials said.
Stabilised political and security situation, the launch of government initiatives toward fiscal consolidation and strong support from external donors are some of the reasons given for improved economic outlook.
Norway will not supply gas to Europe in case of supplies being cut by Russia, says Norwegian Energy Minister Lien
A fall in global oil prices, down more than 20 percent from this year's June high, means that ending costly diesel subsidies will save the government money without hurting consumers.
EU officials said the gas talks would continue in Brussels next week, with Poroshenko telling reporters that the financing still needed to be resolved.
The food-producing regions of Guinea, Sierra Leone and Liberia in West Africa have been severely affected by the worst outbreak on record of the viral haemorrhagic fever
Fall in crude oil prices will effect Iran's oil industry more than Western sanctions
Widodo currently plans to raise the price of both gasoline and diesel by 3,000 rupiah ($0.25) per litre by November, the advisor said.
Mario Pezzini and Romano Prodi jointly emphasized that Africa should be of priority for European Union’s future development policies.
Analysts say that some form of disruption of Russian flows to the EU is likely this winter
Chrysler is recalling about 470,000 cars and SUVs globally from model years 2011 through 2014 and equipped with a 3.6 liter engine and a 160 amp alternator
Oil prices continue to slide with surging production and weakening economic news. Venezuela has called for an emergency meeting of OPEC