Food prices are likely to stay high for the next two to three years until stocks are replenished, the United Nations food agency said today (15 May).
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The Food and Agriculture Organization (FAO) told politicians in Canada that prices should ease as stocks build again, according to a Reuters report.
FAO commodities economist Abdolreza Abbassian said below-average yields and drought had been a more significant factor in rising grain prices than corn being diverted to biofuels.
However, Canada is mulling plans for petrol to contain at least 5% ethanol, Reuters said, and Abbassian said the country’s government may have to consider importing corn to support the policy and its food industry.
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