channelnewsasia.com - Inflation may prompt food price controls UN food chief
   
 
  blogs  
 
yournews
   
   
Video Finance Lifestyle Travel Weather Discussion TV Shows
CNA Live    | About Us 
 
  Home ›
 
Business News

 
 

Inflation may prompt food price controls: UN food chief
Posted: 29 October 2007 0946 hrs

 
 
Photos  of

   
 

LONDON : Some countries may have to implement retail price controls on food in the near future because of rising prices for consumers, the UN's food chief said in an interview published Monday.

Speaking to the Financial Times, Jacques Diouf also said that he would not be surprised if the rising food prices sparked riots in parts of the world, adding that food price inflation had become an "even more serious problem" in recent weeks as the rises have started to hit consumers.

"Many (countries) will have to take hard decisions because of the impact of food prices," Diouf told the business daily.

"In some countries there will be price controls, some will scrap import tariffs on food to minimise the impact of rising costs and others will increase food subsidies."

Diouf added that if "prices continue to rise, I would not be surprised if we began to see food riots."

The UN special rapporteur on the Right to Food sought to drum up support Friday for his proposal for a five-year UN moratorium on converting arable land for food to the production of biofuels.

The International Monetary Fund last week warned that an increasing global reliance on grain as a source of fuel could drive up food prices in poor countries with "serious implications". - AFP/ch

 

 



Other business News
G8 surveys financial crisis aftershocks
China undecided on anti-dumping moves against Saudi Arabia
Nomura breaks into Saudi investment banking market
Taiwan benefits from China's economic stimulus
Sarkozy pries open France's door to Sunday shopping
Chinese carmaker submits offer for GM's Opel
India looks to cut out middlemen on gold
Michael Jackson's death fuels business bonanza
Bolivia points to energy, rail nationalisation
Vatican hit by economic downturn

 


Advertisements

 
Affiliate Sites:
 
About Us  |  Contact Us  |  Advertise with Us  |  Terms & Conditions