Food price inflation "is exacerbating the challenge of monetary management in anchoring inflation expectations, " it said.
Rising food price inflation is expected to bedevil small groceries as well as the giant supermarkets.
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Overall, then, fears of an impending food price crisis would appear to be exaggerated.
Food price inflation is felt disproportionately by the poor, who spend over half their income on food.
It has now been about two years since the first international food price shocks erupted in 2008.
And of course the cost of living has gone up, with big energy and food price increases.
Below is the monthly chart of the food price index (based on IMF data) going back 10 years.
The spike in the food price may have reflected high foreign demand as much as low domestic supply.
Many economic studies have cited ethanol production as the single most important driver of recent world food price increases.
Food price inflation is running well ahead of general inflation levels, especially grains.
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Rapid food price inflation in 2008 sparked riots in a number of countries.
It would work out to about the same impact on retail food price.
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"But when prices peaked in 2007-2008, and more than 20 countries faced food price-related riots, this perception began to change, " he adds.
Lately there's an emerging view in New Delhi that opening up retail trade could rein in mounting food price inflation.
Costco continued its revenue growth in Q2 fiscal 2013 driven by higher membership fee, new membership signups and food price inflation.
The company also reported that grocery sales, which constitutes about 50% of its revenues, grew strongly due to food price inflation.
Researchers said the two main factors driving food price inflation were high agricultural food prices and a low sterling exchange rate.
According to the latest edition of its Food Price Watch, prices rose by 15% in the four months between October 2010 and January this year.
What is responsible for the bulk of the food price increase?
According to the latest edition of its Food Price Watch, prices of food rose 15% from October to January, which hurts the poor that much more.
These investments are designed to ensure access to staple commodities and reduce exposure to global food price fluctuations and export bans, which often occur during food crises.
Watch countries exposed to runaway food price inflation such as those with a low GDP per capita and a very high percentage of food relative to total household consumption.
As host, Mexico's President Felipe Calderon wants the summit to concentrate on how to reduce food price volatility, promote green growth, and boost investment in scientific and agricultural technology.
If the drought were more severe, pushing grain prices up an additional 30%, then we could expect to see food price inflation to peak around 7.5%, according to Barclays.
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They expect CPI food price inflation to rise 2.9% in 2012 and then 4.1% in 2013, which is very close to their forecast before corn, wheat, and soybean prices spiked.
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Lower-priced salmon would be a boon for consumers seeking low-fat and affordable options for protein sources, especially in the face of years of food price inflation and a growing obesity epidemic.
"We're looking for further progress in reforming the energy market, an end to misleading food price promotions, and more competition in banking to take some of the pressure off hard-pressed consumers, " he said.
According to Moody's, the average increase in the World Bank's commodity food price index for emerging countries was 3% year-over-year in the past 12 months, when India's index of wholesale food prices rose 10%.
The Food and Agriculture Organization (FAO) of the United Nations reported that their food price index averaged 232 points in April, flat from March and 2.6% below its all-time high February level of 237.2.
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But with the FAO's food price index at its highest levels since the organisation began measuring food prices in 1990, clearly more needs to be done to boost the yields and incomes of women farmers.
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