EU food inflation at record highs
(BRUSSELS) - Food price inflation in the European Union rose above seven percent in March and April, almost double the overall inflation rate, and the highest rates since records began in 1996, official figures showed Monday.
Food prices rose by 7.1 percent annually in April, after touching 7.2 percent in March, the EU's statistical office Eurostat reported.
The overall inflation rate in April was 3.6 percent, dragged up by food and fuel price rises.
Experts blame the soaring prices on bad weather, record high fuel prices, which have hit the world's poorest countries the hardest, and increased demand from the emerging powers such as China and India.
The rates varied widely between EU member states, with Bulgaria registering a 25.4 percent annual increase in April with bread and cereals up by over a third and fruit prices rising by 45.7 percent.
Latvia, Estonia and Lithuania all saw their food price inflation hit 18-22 percent.
Western European nations fared better with Portugal enjoying the lowest annual food inflation rate in April, at 3.2 percent, followed by the Netherlands (5.4 percent) and France (5.5 percent).
In Germany the figure was 6.4 percent while Britain's food inflation rate was marginally above the European average at 7.2 percent.
Among the nine food categories surveyed, the biggest food price rises were seen in milk, cheese and eggs prices which rose by 15 percent throughout the EU between April 2007 and April 2008.
Oils and fats were not far behind at 13.2 percent.
On a happier note for European consumers, fish and seafood prices rose by just 3.3 percent while vegetable prices bucked the trend by falling by 1.2 percent, albeit after a 10 percent rise in the previous year.
The UN's Food and Agriculture Organization will hold a summit in Rome from Tuesday at which world leaders will discuss food security following runaway prices sparking riots across the world.
Text and Picture Copyright 2008 AFP. All other Copyright 2008 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.
oilo
===================
harison
http://www.goinggreenbuzz.com
oilo
===================
harison
<a href="http://www.goinggreenbuzz.com">http://www.goinggreenbuzz.com</a>


Oil