New food price crisis a matter of time-UN

ROME, Nov 17 (Reuters) – A new food price crisis is only a matter of time, the U.N. food envoy said on Tuesday, criticising world leaders for not tackling what he saw as the key factors behind price spikes in 2008 — speculation and biofuels.

The U.N. Special Rapporteur Olivier De Schutter also said a U.N. food summit in Rome failed to address the domination of global food markets by large agri-business corporations.

“Maybe it will be April 2010, maybe April 2011, but we will have a new food price crisis because the direct causes of the 2008 spike are still there,” De Schutter said in an interview.

“There are indications already, because oil prices are going up and they are very closely linked to agricultural commodities prices. As soon as a big producer will be in difficulty …speculation will set in,” he told Reuters.

Reuters