FAST FIVE: Emerging Market Policy Makers Scramble To Tame Soaring Food Inflation As Unrest Looms
Extreme weather, record-high shipping costs, soaring fertilizer costs, labor shortages, and port congestion are also aiding in increasing prices. As a reminder to readers, emerging markets are more vulnerable to food insecurity since working poor spend a far greater share of their income on food than those in the developed world.
Red meat prices fell by about 10% almost instantly, with the nation's main business lobby group Utica announcing unspecified cuts in prices for staples ranging from wheat flour, meat, to dairy, coffee and soft drinks.
A debate is raging about a long-planned shift to focus spending on the neediest citizens as Tunisia tries to secure a new financing program from the International Monetary Fund.
Romania earmarked 760 million euros ($896 million) for investment in farm storage and processing, Agriculture Minister Adrian Oros said.
Trade ministry officials are ordered to inspect allegations of excessive price increases in food products at wholesale markets in major Turkish cities, including Istanbul, Ankara and Izmir.