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FIRST FAO: food prices explode

World market prices for basic food items has, over the last month, seen the biggest increase since mid 2012. The Food and Agricultural Organisation of the UN (FAO) reported that in February the price index reached 208.1 points and overtook the previous month by 5.2%. The UN organisation stressed that last month's prices were still 2.1% lower that the same time last year.

Meanwhile, in February, the average meat price was 0.5% lower, while the prices of other product groups rose. Grain was 3.6% more expensive, vegetable fat 4.9%, sugar 6.2% and milk products 2.9% more expensive.

The FAO stated that the tense political situation in the Ukraine was one of the reasons for the rise in food prices. Other factors influencing prices include the drought in Brazil, unexpected weather conditions in South East Asia and South America and high demand for gain in North America, for both food and bio-fuel production.