Warning Of 'Food Price Riots In The UK
09 March 2011, 08:51 PM
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Warning Of 'Food Price Riots In The UK
A senior economist at the worldwide bank HSBC has warned of civil unrest in Britain if food prices continue to soar.
Speaking on Jeff Randall Live, senior global economist Karen Ward cautioned that the UK could experience the kind of food riots seen in other countries.
"Even in the developed world I think we have very, very low wage growth, so people aren't getting more in their pay packet to compensate them for food and energy, and I think we could see social unrest certainly in parts of the developed world and the UK as well."
She went on to highlight the link between high food prices and the escalating cost of crude oil.
"More and more we are seeing that some of these foodstuffs are actually substitutes for energy itself, particularly biofuels. So I think the energy markets are a significant contributor to these food price gains."
The comments come as the United Nations warned the cost of food is now at the highest level for 21 years and set to rise further.
Food costs have gone up for eight months in a row, with the National Farmers Union forecasting the trend will continue for the rest of 2011.
The cost of basic foodstuffs has been caused by increasing demand and extreme weather destroying crops and has been partly to blame for the unrest sweeping the arabic world.
Rising prices contributed to riots across North Africa and the Middle East in the past several months that have toppled leaders in Egypt and Tunisia.
Wheat has nearly doubled in price over the past six months and rising demand has caused the cost of sugar to rise by 14% over the past 12 months.
Chip
Speaking on Jeff Randall Live, senior global economist Karen Ward cautioned that the UK could experience the kind of food riots seen in other countries.
"Even in the developed world I think we have very, very low wage growth, so people aren't getting more in their pay packet to compensate them for food and energy, and I think we could see social unrest certainly in parts of the developed world and the UK as well."
She went on to highlight the link between high food prices and the escalating cost of crude oil.
"More and more we are seeing that some of these foodstuffs are actually substitutes for energy itself, particularly biofuels. So I think the energy markets are a significant contributor to these food price gains."
The comments come as the United Nations warned the cost of food is now at the highest level for 21 years and set to rise further.
Food costs have gone up for eight months in a row, with the National Farmers Union forecasting the trend will continue for the rest of 2011.
The cost of basic foodstuffs has been caused by increasing demand and extreme weather destroying crops and has been partly to blame for the unrest sweeping the arabic world.
Rising prices contributed to riots across North Africa and the Middle East in the past several months that have toppled leaders in Egypt and Tunisia.
Wheat has nearly doubled in price over the past six months and rising demand has caused the cost of sugar to rise by 14% over the past 12 months.
Chip
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09 March 2011, 10:00 PM
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09 March 2011, 10:09 PM
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Take a visit to any Tesco or Sainsburys at 5pm and stand by the REDUCED shelf to get a feel for Food Riots!!
The older they are, the harder they fight you for a half-priced muffin!!
The older they are, the harder they fight you for a half-priced muffin!!
09 March 2011, 10:17 PM
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09 March 2011, 10:26 PM
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09 March 2011, 10:41 PM
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I know. The price of nosh is terrible. Even had to surf the "affordable food" websites, such as ... http://www.affordablecaviar.com/ ... times is hard .... 
Dave
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09 March 2011, 10:42 PM
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When wil they wake up and realise this country is heading back into recession courtesy of their over cutting and the rising fuel prices. The VAT alone on petrol is giving them an extra 7p a lite over 6 months ago so they have soeme room for manouvre.
09 March 2011, 10:55 PM
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09 March 2011, 11:03 PM
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And the right party is in governement.
When wil they wake up and realise this country is heading back into recession courtesy of their over cutting and the rising fuel prices. The VAT alone on petrol is giving them an extra 7p a lite over 6 months ago so they have soeme room for manouvre.
When wil they wake up and realise this country is heading back into recession courtesy of their over cutting and the rising fuel prices. The VAT alone on petrol is giving them an extra 7p a lite over 6 months ago so they have soeme room for manouvre.
09 March 2011, 11:15 PM
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10 March 2011, 10:13 AM
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A senior economist at the worldwide bank HSBC has warned of civil unrest in Britain if food prices continue to soar.
Speaking on Jeff Randall Live, senior global economist Karen Ward cautioned that the UK could experience the kind of food riots seen in other countries.
"Even in the developed world I think we have very, very low wage growth, so people aren't getting more in their pay packet to compensate them for food and energy, and I think we could see social unrest certainly in parts of the developed world and the UK as well."
She went on to highlight the link between high food prices and the escalating cost of crude oil.
"More and more we are seeing that some of these foodstuffs are actually substitutes for energy itself, particularly biofuels. So I think the energy markets are a significant contributor to these food price gains."
The comments come as the United Nations warned the cost of food is now at the highest level for 21 years and set to rise further.
Food costs have gone up for eight months in a row, with the National Farmers Union forecasting the trend will continue for the rest of 2011.
The cost of basic foodstuffs has been caused by increasing demand and extreme weather destroying crops and has been partly to blame for the unrest sweeping the arabic world.
Rising prices contributed to riots across North Africa and the Middle East in the past several months that have toppled leaders in Egypt and Tunisia.
Wheat has nearly doubled in price over the past six months and rising demand has caused the cost of sugar to rise by 14% over the past 12 months.
Chip
Speaking on Jeff Randall Live, senior global economist Karen Ward cautioned that the UK could experience the kind of food riots seen in other countries.
"Even in the developed world I think we have very, very low wage growth, so people aren't getting more in their pay packet to compensate them for food and energy, and I think we could see social unrest certainly in parts of the developed world and the UK as well."
She went on to highlight the link between high food prices and the escalating cost of crude oil.
"More and more we are seeing that some of these foodstuffs are actually substitutes for energy itself, particularly biofuels. So I think the energy markets are a significant contributor to these food price gains."
The comments come as the United Nations warned the cost of food is now at the highest level for 21 years and set to rise further.
Food costs have gone up for eight months in a row, with the National Farmers Union forecasting the trend will continue for the rest of 2011.
The cost of basic foodstuffs has been caused by increasing demand and extreme weather destroying crops and has been partly to blame for the unrest sweeping the arabic world.
Rising prices contributed to riots across North Africa and the Middle East in the past several months that have toppled leaders in Egypt and Tunisia.
Wheat has nearly doubled in price over the past six months and rising demand has caused the cost of sugar to rise by 14% over the past 12 months.
Chip
I don't think that the increase in food prices has reached such a stage with respect to what people in general can afford to buy.
People managed perfectly well in times of real austerity in this country without jumping up and down and causing havoc. We know the reasons for the price rises and rioting won't do any good as far as they are concerned.
Les
10 March 2011, 10:50 AM
#30
I think she is being alarmist in a tabloid manner and she is not doing the country any favours.
I don't think that the increase in food prices has reached such a stage with respect to what people in general can afford to buy.
People managed perfectly well in times of real austerity in this country without jumping up and down and causing havoc. We know the reasons for the price rises and rioting won't do any good as far as they are concerned.
Les
I don't think that the increase in food prices has reached such a stage with respect to what people in general can afford to buy.
People managed perfectly well in times of real austerity in this country without jumping up and down and causing havoc. We know the reasons for the price rises and rioting won't do any good as far as they are concerned.
Les
You hit the nail on the head Les