Tuesday, May 6, 2008

Food Prices Expected to Stabilize This Summer

WARSAW, POLAND--The European Union's agriculture Chief Mariann Fischer said world food prices will stabilize below peak levels, but warned that speculation has led to higher food prices worldwide and could cause even more marketplace instability.

"We saw some huge peaks (in prices) from late August, September and October," EU Agriculture Commissioner Fischer. "They might come back to a certain extent, but we expect that prices will stabilize at a level that is a bit below the peaks that we have seen" and that all this "has had a huge consequence on the increase in cereal prices that we have seen."

"If speculation, again, has a major implication, it's impossible to give any clear forecasts of the crisis," she added.

The World Bank says food prices are up 83 percent in three years. Skyrocketing prices have sparked violent protests in the Caribbean, Africa and Asia this past winter.

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