The European Commission has responded to falling cereal prices by reintroducing tariffs on cereal imports.

These tariffs were suspended January and due to stay unpaid until next June, but the Commission announced their reintroduction today (17 October) after the price of common wheat fell steeply this month.

It added: "Given the interdependence of the markets for various cereals and the rapid impact of changes in the price of one cereal on other cereals, customs duties are being reintroduced simultaneously on all cereals."

These rates will differ, with duties being fixed bimonthly under a complex formula taking account of the EU's intervention price for cereals and real import prices.