Spiralling food and energy prices are threatening global economic growth, French President Nicolas Sarkozy has warned. Speaking in Brussels, the current G20 head called for stricter rules to reign in those who profiteer from trading in food and other commodities.
Sarkozy said that could only be achieved through better oversight of markets: ’‘I’m saying who can accept this, during a time when we don’t have enough to feed the planet, speculators trade 46 times more than the actual volume of the world wheat market.’‘
Low rainfall worldwide has caused wheat prices to rise to their highest levels since 2008. EU ministers insist they are watching things closely.
EU Agriculture and Rural Development Commissioner Dacian Ciolos said: “Hopefully this Autumn we will be able to publish data on production and on stocks of key produce. I’m thinking of cereals, oilseeds, meat and dairy production.”
In addition, fuel prices are being blamed for the hike in farm production costs. Consumer protection groups are demanding more transparency.
‘‘What we often find is that foodstuffs go up and when the price of raw materials falls these foodstuffs don’t drop by the same amount. That tells us there are a certain number of anomalies in the market, perhaps because of an absence of transparency and regulation,’‘ said Jean-Philippe Ducart from Belgian consumer protection agency Test-Achats.
The result on high streets in many parts of Europe – higher prices on some of the most basic food items. Our correspondent Christelle Pétrongari in Brussels says: ’‘A lot of talk and a lot of initiatives, but experts say it is impossible to regulate the global food market in the face of speculation. Many believe this poses a real threat to the world economy, that’s why it is up for discussion at the forthcoming G20 summit in Cannes in November.’‘
Copyright © 2014 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 3International tv news | euronews: European and International tv news bulletin
- 4Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 5European Union News | euronews: latest breaking news and headlines about European Union
- 6All you need to know about the Ebola virus | euronews, world news
- 7How nasheeds became the soundtrack of jihad | euronews, world news
- 8Where is the best place in Europe for women? | euronews, world news
- 9Sweden becomes first European nation to recognise Palestine | euronews, world news
- 10What to expect in “The World of Ice and Fire,” George R.R. Martin’s new book | euronews, world news
- 11Ebola: Six new suspected cases in Spain | euronews, world news
- 12Learning through “serious games” | euronews, learning world
- 13US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 14International news | euronews, latest international news
- 15International breaking news | euronews online world breaking news in video
- 16Philippe Starck: ‘Words like longevity and legacy have become almost avant-garde’ | euronews, the global conversation
- 17US delivers technical aid to Ukraine but warns over security | euronews, world news
- 18euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 19Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
- 20Maritime drama deepens as Sweden extends ‘mystery submarine’ search | euronews, world news