!Alarming News!

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Earlier this year Oil is the world concerned, but now a new crisis is emerging, a global food catastrophe that will reach further and be more crippling than anything the world has ever seen. Sharply rising prices have triggered food riots in recent weeks in Mexico, Morocco, Senegal, Uzbekistan, Guinea, Mauritania, and Yemen, and aid agencies around the world worry they may be unable to feed the poorest of the poor.

In the Philippines, officials are raiding warehouses in Manila looking for unscrupulous traders hoarding rice, while in South Korea, panicked housewives recently stripped grocery-store shelves of food when the cost of ramen, an instant noodle made from wheat, suddenly rose.

“The greatest challenge to the world is not US$100 oil; it’s getting enough food so that the new middle class can eat the way our middle class does, and that means we’ve got to expand food output dramatically”, this is the most important factor to solve rather than the oil price, but for the first time in history, there is a clear link between the price of fuel and the price of food.

But if you need to see the latest Oil or fuel prices, it is advisable to do so.

It is reported that the United Nations Secretary-General Ban Ki-moon has warned that the rapidly escalating global food crisis threatens to negate seven years of progress in the fight against poverty. “The rapidly escalating crisis of food availability around the world has reached emergency proportions,” Mr Ban said.

“The World Bank has estimated that the doubling of food prices over the last three years could push 100 million people in low income countries deeper into poverty.”

Take rice as an example. Rice is a staple food for half the world’s population. But the sudden surge in prices and restrictions on exports come at a time when stockpiles of rice are at their lowest level in decades. In Malaysia, the price of rice ha rise to a new high recently and now the government are to encourage local farmer to grow and harvest 5 times in 2 years which will increase local stocking of rice in Malaysia.

The latest report says despite assurance of steady supply from the world’s largest exporter Thailand, the price of export white rice, including to Malaysia, rose by more than 150 per cent over the past 10 months.

It is likely to hit US$1,000 (S$1,350) per tonne soon. Major rice exporters said there was no shortage of supply to meet the increasing demand overseas, and instead blamed speculators and some dealers for creating articial demand to raise the price.

We will see the result in 3 to 4 months time. Stay tune and watch for the rice and food price in your local store.

Technorati Tags: agriculture sector, australia, business, cambodia, china, crop production, egypt, europe, food and beverage sector, food manufacturing, grain and oilseed farming, guinea, income, india, lebanon, malaysia, manila, manufacturing sector, mauritania, mexico, morocco, national, north america, philippines, rice farming, rice price, rome, senegal, south korea, southeast asia, syria, thailand, turkey, united nations, united states, uzbekistan, vietnam, world food programme, yemen

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