WorldWatch announces that the wheat futures soaring to their highest level in two years, you could soon find yourself paying more for a loaf of bread at your local grocery store. The United Nations' Food and Agriculture Organization said Wednesday that it has cut its global wheat production forecast for 2010 nearly 4% to 651 million metric tons, down from its June estimate of 676 metric tons.
The drought in Russia is definitely the key factor to the rise in prices, but we've also seen problems in Canada, where crops are going to be smaller this year, and Australia may have a smaller crop, so there are other parts of the world that are seeing problems.
One of Europes oldest economies, Portugal has announced that next week
petrol (gas) and bread consumer prices are once more going up, now that crude is once more below the $80 a barrel,with unemployment over the 11% mark and a economy in recession Portugal will continue with serious financial issues mainly due to the monopoly in price fixing in the energy sector by the petrol companies that continue to inflate final consumer prices.
BP, Galp, Repsol, Cepsa, making Portugal somewhat less supportive of economic growth in recent months.
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