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"World food prices jump 10% as drought sears crops"

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09/02/2012 09:26 PM
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"World food prices jump 10% as drought sears crops"
[link to www.cnbc.com]

"Overall, the World Bank's Food Price Index, which tracks the price of internationally traded food commodities, was 6 percent higher than in July of last year, and 1 percent over the previous peak of February 2011....

A severe drought in the United States has sharply cut corn and soybean yields this year, while a dry summer in Russia, Ukraine and Kazakhstan has hurt wheat output.

The World Bank said its experts do not foresee a repeat of 2008, when a food price spike triggered riots in some countries.

"However, negative factors such as exporters pursuing panic policies, a severe El Nino, disappointing Southern hemisphere crops, or strong increases in energy prices could cause significant further grain prices hikes such as those experienced four years ago,'' the bank said.

Sounds like they are saying they aren't expecting riots, but the conditions will be the same if not worse that when we had them.....double speak hints? 5a