| During the first quarter of 2008, the nominal prices of major food items have reached their highest level in nearly 50 years, while prices reached their actual level record in nearly 30 years. Indeed, prices of agricultural products rose sharply in 2006 and 2007 reported an increase more marked in the first quarter of 2008. The FAO food price index rose an average of 8% in 2006 compared to the year earlier and 24% in 2007 compared to 2006. The increase in the average index for first three months of 2008 compared to first quarter 2007 was 53%. Soaring persistent price is mainly due to vegetable oils, which rose to more than 97% during the same period, followed by cereals (87%), dairy (58%) and rice (46%). According to the latest report published by the... |
