Financial Times FT.com

The global food crisis

Record cereal prices burden poor countries

By Javier Blas in London and Heba Saleh in Cairo

Published: February 14 2008 01:02 | Last updated: February 14 2008 01:02

Record grain prices are ­placing a “heavy financial burden” on developing countries, forcing a small decline in food consumption, the United Nation’s Food and Agriculture Organisation on Wednesday warned.

The world’s poor countries will have to pay 35 per cent more for their cereals imports – taking the total cost to a record $33.1bn (€22.8bn, £17bn) – in the year to July 2008, even as their food purchases decline by 2 per cent. Food consumption per capita will suffer a slight drop.

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