Monday, October 24, 2011

Runaway food price

Bloomberg reported, the United Nations is closely monitoring the potential for “serious food shortages” in parts of Southeast Asia after flooding devastated rice paddies and other crops and as aid deliveries are disrupted.

About 12.5 percent of rice farmland in Thailand has been damaged, along with 6 percent in the Philippines, 12 percent in Cambodia, 7.5 percent in Laos and 0.4 percent in Vietnam, as storms hit the region since September, the UN Food & Agriculture Organization said in a report dated Oct. 21.

Food price hike
Rough-rice for January delivery climbed 3 percent to $17.215 per 100 pounds at 2:42 p.m. Singapore time, the highest price for a most-active contract on the Chicago Board of Trade since Sept. 21.

A warning to PAP
Stop emptying our pockets through property hike. The people need surplus savings for shock buffering. It is well agreed that once food price reaches 30% of family income, any minor shock may induce revolution.

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