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Global Food Crisis Set To Send Prices Of Houeshold Staples Soaring Over Next Five Years

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http://www.express.co.uk/news/uk/430521/Global-food-crisis-set-to-send-prices-of-houeshold-staples-soaring-over-next-five-years

Growing demand for essentials like meat and grain, topsy-turvy weather and land commandeered for the production of biofuels will add at least £850 to typical annual food spending, they claimed.

Retail analysts at research agency Conlumino said food price inflation would add almost £20billion to the nation’s annual grocery bill by 2018, a rise of almost 18 per cent.

Experts calculated the increases would add £1.50 to a 2lb joint of roasting beef, 25p to a loaf of Hovis sliced bread and almost 10p to a pint of milk at Asda.

The bleak outlook could only be reversed, experts said, by setting aside more land on which cattle can be reared and grain harvested.

On average, households spend almost £5,000 a year on groceries.

Neil Saunders, of Conlumino, said: “These figures will shock hard-working households because everyone has to eat to live and it’s jolly hard to economise on the basics.

“The foods we are talking about here are essentials, it’s not discretionary spending.

“This is a global problem, it’s not one unique to Britain.

“Salaries look like they are going to be eaten up by the increase in food prices.

“The only consolation is that over the longer period households might see their disposable income increase.”

Luckily all this is going to help house prices to SOAR!

Strange that when house prices are going up it's jolly good, but food going up isn't. Still who am I to question economics...

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http://www.express.co.uk/news/uk/430521/Global-food-crisis-set-to-send-prices-of-houeshold-staples-soaring-over-next-five-years

Luckily all this is going to help house prices to SOAR!

Strange that when house prices are going up it's jolly good, but food going up isn't. Still who am I to question economics...

"Topsy turvy weather" The Express just cannot bring themselves to mention Global warming can they.

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I might be getting old now but these stories seem to pop up almost on an annual basis, some doom and gloom about things getting worse in the future (climate, food prices, fuel prices).

It seems to be part of a plan to keep the masses fearful and the politicos happy that every now and then they can smile and eulogise about how great they are by preventing it from happening.

Yet the slow grind of everything gently going up continues.

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http://www.express.co.uk/news/uk/430521/Global-food-crisis-set-to-send-prices-of-houeshold-staples-soaring-over-next-five-years

Luckily all this is going to help house prices to SOAR!

Strange that when house prices are going up it's jolly good, but food going up isn't. Still who am I to question economics...

Late rains in Western Australia will mean a good grain harvest at the end of the year.

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Food prices will soar due to money printing around the world. My grandfather had saved £250 by the time he was

40 in 1954 a good amount not worth so much now, this will continue till long after i've gone, and i'm not planning on going anytime soon.

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Guest eight

"Topsy turvy weather" The Express just cannot bring themselves to mention Global warming can they.

I thought weird weather was the new buzz phrase because global warming wasn't working out so well?

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Wheat and sugar prices have been on a weakening trend lately, wheat very weak (whether it is reflected in the sale price of finished products is another matter):

Sugar:

http://www.londonstockexchange.com/exchange/prices-and-markets/ETPs/company-summary.html?fourWayKey=GB00B15KY658JEUSDETCS

Wheat:

http://www.londonstockexchange.com/exchange/prices-and-markets/ETPs/company-summary.html?fourWayKey=GB00B15KY765JEUSDETCS

Sugar is not hugley cheap on a medium term basis, but wheat certainly is- its price is at multi-year lows.

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I thought weird weather was the new buzz phrase because global warming wasn't working out so well?

Global warming climate change global climate disruption

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Honestly, if the media had a brain cell between them, they might just figure this out.

It's the currency devaluing! Prats. What did you think central banks printing trillions of dollars, pounds, euros was going to do?

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Luckily all this is going to help house prices to SOAR!

Strange that when house prices are going up it's jolly good, but food going up isn't. Still who am I to question economics...

Joy for millions as food prices to SOAR by 18% in 4 years...

Doesn't quite have the same ring to it I guess.

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Spot prices slightly down since the beginning of the year but clearly, on a moving average basis at least, prices have never been higher.

http://www.fao.org/w...pricesindex/en/

The FAO Food Price Index averaged 201.8 points in August 2013, nearly 4 points (1.9 percent) below its July value and 11 points (or 5.1 percent) less than in August 2012. Last month's decline, the fourth in a row, was driven by continued falls in the international prices of cereals and oils, as dairy, meat and sugar prices rose slightly.

» The FAO Cereal Price Index averaged 210.9 points in August, down 16.4 points (7.2 percent) from July and 49.4 points (or 19 percent) from August 2012. This steep decline follows an already sizeable drop in July, is consistent with expectations for strong growth in world cereal production this year and, especially, a sharp recovery in maize supplies. While prices of wheat and rice were down by 2 to 3 percent, the fall reached 14 percent in the case of maize in spite of some late-month gains on concerns over drought and heat stress conditions in the United States.

» The FAO Oils/Fats Price Index averaged 185.5 points in August, 5.7 points (or 3.0 percent) below the July value and the third consecutive monthly decline. The slide in the index continued to be driven by palm oil, as ample inventories in Southeast Asia kept prices under pressure. Soy oil values first eased on abundant export availabilities from Argentina and generally good crop prospects for 2013/14, only to regain strength when the United States lowered the forecast for its own forthcoming soy harvest. Overall, however, the prospect of expanding total vegetable oil supplies in 2013/14 is pointing towards a general decline in vegetable oil prices.

» The FAO Dairy Price Index averaged 239.1 points in August, 2.8 points (1.2 percent) more than in July and 37 percent above its level in August last year. Prices increased last month for all the dairy products that make up the index, except butter, as export supplies remain limited in major trading countries. Furthermore, with milk production declining seasonally in the northern-hemisphere and the new production season only just starting in Oceania and South America, availabilities for the remainder of 2013 are uncertain. This has lent support to prices, as importers seek to cover commitments for coming months. Strongest growth was recorded for skimmed milk powder, which rose by 2.7 percent, following a similar change in July; whole milk powder prices also increased.

» The FAO Meat Price Index averaged 175.0 points in August, an increase of 2.2 points (1.3 percent). The rise mainly reflected stronger prices for pig meat, which rose by 4.5 percent, as those of other types of meat changed little. An important element sustaining pig meat prices was the strengthening of the Euro relative to the US Dollar. Poultry prices registered a fourth consecutive monthly decline, dropping by 1.3 percent, partly as a result of lower feed costs.

» The FAO Sugar Price Index averaged 241.7 points in August, up 2.7 points (1.1 percent) from July. The small rebound in sugar prices after three months of consecutive declines was mostly due to estimates showing that Brazil, the world's largest sugar producer and exporter, was using more sugarcane for ethanol production at the expense of sugar. Overall, sugar prices displayed large volatility during the month, amid uncertainties regarding the size of the anticipated production surplus in the major producing areas.

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Edited by zugzwang

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