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Now, food prices to take toll on Britons
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IANS | 29 Aug, 2012
British families, already facing difficult times due to a financial crunch, may have to further cope with much harsher times as they would have to spend more on food following a poor harvest which has pushed up prices worldwide.
The cost of basic food products is rising because of a drought in the US and poor crops in Russia and eastern Europe, Daily Express reported.
According to Jose Graziano Da Silva, head of the UN Food and Agriculture Organisation, food prices could reach a crisis point next year if harvests in the southern hemisphere are poor.
At a conference in Sweden on water resources Monday, Da Silva called on G-20 nations, producing up to 95 percent of crops hit by price rises, to take "coordinated action".
A third of all food production is lost due to poor storage in developing countries or waste in rich nations, Da Silva added.
The G20 is set to discuss food prices this week but no decisions are expected before September when a report on grain supply is due.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹84.00
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₹82.25 |
UK Pound
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₹104.65
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₹108.10 |
Euro
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₹92.50
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₹89.35 |
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Yen |
₹56.10 |
₹54.40 |
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