11:30 ET<\/span>
\n<\/span><\/p>\nGlobal food prices have hit record highs, and could rise even further, according to the United Nations. <\/p>\n
The UN’s Food Price Index rose 2.2% in February to the highest level since the UN’s Food and Agriculture Organization (FAO) began monitoring prices in 1990.<\/p>\n
It also warned that spikes in the oil price could make the “already precarious” situation in the food market even worse.<\/p>\n
Apart from sugar, the FAO said all commodity groups had risen in price.<\/p>\n
Oil prices recently hit two-and-a-half year highs due to political unrest in North Africa and the Middle East.<\/p>\n
The FAO said the volatility in the oil markets was adding to an already difficult and uncertain situation. <\/p>\n
“This adds even more uncertainty concerning the price outlook just as plantings for crops in some of the major growing regions are about to start,” said the FAO’s David Hallam. <\/p>\n
The International Monetary Fund (IMF) said it was “extremely concerned” about the situation. <\/p>\n
IMF spokesperson Caroline Atkinson pointed to the “impact on the poorest and most vulnerable, particularly in the low-income countries, but not only there”. <\/p>\n
The prices of cereals, such as wheat, rice and maize, have risen by 70% in the past year. <\/p>\n
This is largely due to droughts in eastern Europe and floods in Australia – both major crop producers. <\/p>\n
The FAO said it expected world cereal production to have declined overall last year. <\/p>\n
In addition, it is also forecasting higher demand for agricultural products for food, animal feed and fuel production. <\/p>\n
These conflicting pressures could push prices higher. <\/p>\n
The FAO, however, said there were positive early signs that agricultural areas in Russia, Ukraine and Kazakhstan had begun to recover from last year’s droughts and wildfires. <\/p>\n<\/p><\/div>\n<\/p>\n
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