Price of bread to rise by 25p a loaf because of global food shortages, report warns
- Retail consultancy Conlumino claims food prices will soar by 17.8% by 2018
- Growing global demand for meat and grain will be behind the price hike
- Increase will put up price of a loaf of bread by 25p and a pint of milk by 9p
- Many families are already struggling to make ends meet
Global wheat production, already seen climbing to a record, will be higher than predicted last month on good prospects in all major growers except the U.S., according to the Agricultural Market Information System.
Farmers worldwide will reap 704 million metric tons of the grain in 2013-14 from 659 million tons in 2012-13, according to an online report from Rome-based AMIS, which was set up by Group of 20 countries. The outlook was raised by 2 million tons.
Wheat traded in Chicago, a global benchmark, fell 15 percent this year on a rebound in production after drought cut harvests across the Northern Hemisphere last year. The European Union, the biggest grower, today forecast a wheat harvest of 138.8 million tons this year from 134.3 million tons in 2012.