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April 10, 2008
UN Official: High Food Prices Here to Stay
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It's obviously a disturbing sign of the times when a blog like FP Passport feels the need to run a recurring "food riot watch" in response to unrest in Haiti, Kenya, and Egypt. Hopefully, the good folks at Passport are ready to stay on the story for the long haul because according to Lennart Bage, president of the UN's International Fund, prices are not coming down any time soon. Says Bage
"Most experts do think higher prices are here for a longer term... We will see a supply response, so hopefully the prices will come down somewhat," he said before adding a word of caution.Read more."According to experts in the field, prices will remain higher than in the past and what we see is most likely a structural shift to higher prices."
