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Egypt: Hobbes Turned Upside Down
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<blockquote data-quote="klein" data-source="post: 803940" data-attributes="member: 23950"><p><strong><span style="font-size: 12px"><span style="color: navy"><a href="http://money.cnn.com/2011/01/28/news/international/inflation_food_prices_middle_east/index.htm" target="_blank">Tensions rise on surging food prices</a></span></span></strong></p><p> </p><p> </p><p>NEW YORK (CNNMoney) -- Food prices have been rising worldwide, as the cost of raw materials and agricultural products surge, contributing to political unrest around the globe.</p><p>In December, international food prices broke an all-time high when they rose 25% for the year, led by rising costs for staples like rice, wheat, and maize, the United Nations reported.</p><p> </p><p>Food inflation in China was recently at 9.6%, while in India it surged a staggering 18%.</p><p> </p><p>"What has happened in Tunisia, is happening right now in Egypt, but also riots in Morocco, Algeria and Pakistan, are related not only to high unemployment rates and to income and wealth inequality, but also to this very sharp rise in food and commodity prices," Roubini said.</p><p>In Egypt alone, food prices soared 17% -- in part because of the worldwide surge in commodities prices but also because of local supply imbalances.</p></blockquote><p></p>
[QUOTE="klein, post: 803940, member: 23950"] [B][SIZE=3][COLOR=navy][URL="http://money.cnn.com/2011/01/28/news/international/inflation_food_prices_middle_east/index.htm"]Tensions rise on surging food prices[/URL][/COLOR][/SIZE][/B] NEW YORK (CNNMoney) -- Food prices have been rising worldwide, as the cost of raw materials and agricultural products surge, contributing to political unrest around the globe. In December, international food prices broke an all-time high when they rose 25% for the year, led by rising costs for staples like rice, wheat, and maize, the United Nations reported. Food inflation in China was recently at 9.6%, while in India it surged a staggering 18%. "What has happened in Tunisia, is happening right now in Egypt, but also riots in Morocco, Algeria and Pakistan, are related not only to high unemployment rates and to income and wealth inequality, but also to this very sharp rise in food and commodity prices," Roubini said. In Egypt alone, food prices soared 17% -- in part because of the worldwide surge in commodities prices but also because of local supply imbalances. [/QUOTE]
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