Food Prices May Extend Gains on Volatile Oil Costs, FAO Says
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Food prices may extend gains, driven by higher crude oil costs, said the United Nations Food & Agriculture Organization, leading to accelerating inflationary pressure from China to the U.S.
“For the time being, food-price increases may continue because of high oil prices,” Hiroyuki Konuma, the FAO’s regional representative in Asia, said in an interview yesterday in Bangkok. “We’re very worried about volatile crude oil prices. There is no sign that prices will decline sharply.”