By Yuki Hayashi
Global food prices are spiralling out of control, particularly in the developing world. The trading price of a bushel of corn skyrocketed over 75 percent between summer 2007 and summer 2008, while rice went up 70 percent in the same period. Internationally, wheat prices at the start of 2008 were 83 percent higher than the year before.
In many countries, escalating prices have caused civil unrest, and the food crisis has plunged an additional 75 million more people into hunger globally, according to the UN Food and Agriculture Organization.
Here, the rise in prices has been minimal. According to Statistics Canada, overall consumer prices for groceries rose 1.2 percent in the 12 months ending April 2008, while they climbed 7.1 percent in the European Union and 5.9 percent in the U.S. Increased grain and fuel costs make it likely we’ll see increases on the horizon. Here’s why:
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