Food costs at records, UN warns of volatile era

View of a Supermarket section in Africa

Global food prices tracked by a U.N. agency hit their highest level on record in January, a problem set to worsen after a massive snowstorm in the United States and floods in Australia.
The United Nations said on Thursday its Food and Agriculture Organisation Food Price Index rose for the seventh month in a row to reach 231 in January, topping the peak of 224.1 last seen in June 2008. It is the highest level the index has reached since records began in 1990.
"These high prices are likely to persist in the months to come," FAO economist and grains expert Abdolreza Abbassian said in a statement. Read more...