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Mongolia facing huge increase, possibly as high as 35%, in cereal |
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Monday, 18 February 2008 |
 Mongolia, among other nations,
may see a 35 percent rise in the cost of wheat-based cereal prices during
the upcoming year.
For the second year cereal,
used as a staple in the diets of most countries, will see a large price
hike attributed to a demand which is higher than the available world
supply and increased costs of transporting the crop to markets.
Cereal, as a percentage of
a country’s diet, is estimated at the following percentages per region
: Africa, 45%; Asia, 25%; Latin America 31%, Oceania, 25% and Europe
53%.
Among the poorest nations,
including Mongolia, health officials believe the cost for cereal will
rise this year by a record $33.1 billion.
Also Mongolia, along with other
countries, are weighing a variety of measures to counter the enormous
price increases in cereal. Included in the actions being considered
are lowering import tariffs, raising food subsidies, and banning or
imposing duties on basic food exports.
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