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Massive worldwide slaughter of farm animals set to push food prices up 14 percent

Farmers who cannot afford feed ‘liquidating’ pig and cattle herds will drive food inflation to record high, says Rabobank report The mass slaughter of millions of farm animals across the world is expected to push food prices to their highest ever levels. As well as hitting consumers’ pockets, the predicted…

World must brace for higher food prices, experts say

With drought parching farms in the United States and near the Black Sea, weak monsoon rains in India and insidious hunger in Africa’s Sahel region, the world could be headed towards another food crisis, experts say. Asia should keep a catastrophe at bay with a strong rice harvest while the…

Report: G20 to tackle rising food prices

The Group of 20 top economies will meet shortly to try and coordinate a response to soaring food prices, driven by drought and rising demand, the Financial Times reported Monday. Over the weekend, US President Barack Obama called on Congress to help farmers struggling with the worst US drought in…

U.S. ‘extreme drought’ zones triple in size

The drought in America’s breadbasket is intensifying at an unprecedented rate, experts warned, driving concern food prices could soar if crops in the world’s key producer are decimated. The US Drought Monitor reported a nearly threefold increase in areas of extreme drought over the past week in the nine Midwestern…

Drought will bring about higher food prices, U.S. warns

The US government acknowledged for the first time on Wednesday that the drought now covering two-thirds of the country will lead to significantly higher food prices. The catastrophe in the corn belt, which has seen crops decimated by extreme heat and prolonged drought, will have ripple effects throughout the food…

Food prices could skyrocket as U.S. harvest continues to wilt in blistering heat

Chicago corn price jumps by 3% to highest since last autumn as maize, soybean and wheat yields also suffer due to drought Fears that food prices will rocket at the end of the year after a poor US harvest were heightened after predictions that a drought across the Midwest will…