FAO warns on oil as world food prices hit record

"Most of the world was already in the midst of currency devaluation and inflation before the crisis in the Middle East took shape, however, the spike in crude above $100 a barrel will make the situation much more visible in the next few months. Watch your store shelf prices carefully, and if you haven't started stocking foods and garden seeds, you had better begin now..."

March 3, 2011
By Brandon Smith

Global food prices hit a record high in February, the United Nations said Thursday, warning that further oil price spikes and stockpiling by importers keen to head off unrest would hit already volatile cereal markets.

Rising food prices are a growing global concern, partly fuelling the protests which toppled the rulers of Tunisia and Egypt in January and February, which in turn unleashed unrest in North Africa and the Middle East from Algeria to Yemen.

The U.N. Food and Agriculture Organization's Food Price Index hit its second straight record last month, driven by rising grain costs and tighter supply to further pass peaks seen in 2008 when prices sparked riots in several countries....  Read More