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Tuesday, 02 October 2012

Increasing food production in the poorest countries to reel in prices

According to recent updates by Reuters, EU Development Commissioner Andris Piebalgs  has said that building strategic agricultural stocks to curb market volatility, as proposed by France, would not be the most effective way to tame food prices.
According to Mr. Piebalgs what was needed instead was an increase in food production in the world's poorest countries, which remain vulnerable to the threat of a new food crisis despite the recent easing in grain prices from record highs hit this summer.
It is important to remember that weeks ago, Francois Hollande launched a global campaign to win support for creating strategic stockpiles of food commodities after a year of drought renewed fears of a new crisis in agricultural supplies.
Paris has also called an emergency meeting of G20 farm ministers for mid-October to discuss ways to curb price volatility.

Source: Reuters