Tuesday, June 28, 2011

The head of the FAO says that food prices will remain high for years

The newly elected head of the UN agency for Food and Agriculture Organization (FAO), the Brazilian José Graziano da Silva, said on Monday he expected the high prices of food last several years and cause problems for importing countries . "This is not a temporary imbalance (...) Until we have a more stable financial situation worldwide, the raw material prices will reflect that," said Graziano da Silva, newly elected director general of FAO, in a press conference.

He said that FAO would like to be more involved in helping the importing countries to manage the volatility of food prices. The new director was elected on Sunday night by 92 votes to the 88 who managed to hoard its main rival, the Spanish Miguel Angel Moratinos.

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