High food prices to continue

The US government yesterday warned that the world is to face extremely high food prices for a prolonged period despite efforts to reduce levels by planting more crops. It could take take several years to restore stocks of wheat, corn and soyabeans to comfortable levels, the US Department of Agriculture said, and until then farm-gate prices are likely to hit new records in the year starting with the 2011 harvests. That is likely to cause spiralling food inflation for consumers throughout the second half of this year.