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Food costs rise: Bad for world, but good for US

The record food prices causing riots in Algeria and export bans in India are allowing President Barack Obama to combine the biggest-ever U.S. farm exports with the tamest inflation since the 1960s.

WASHINGTON – The record food prices causing riots in Algeria and export bans in India are allowing President Barack Obama to combine the biggest-ever U.S. farm exports with the tamest inflation since the 1960s.

Global food costs jumped 25 percent last year to an all-time high in December, according to the United Nations. Countries probably spent at least $1 trillion on imports, the U.N. says.

Wheat may rise as much as another 16 percent this year — with sugar, corn, soybeans, coffee and cocoa also gaining, according to a Bloomberg survey.

The farm boom is aiding Obama’s goal of doubling U.S. exports in five years, with this year’s shipments accounting for 4 percent of the $3.14 trillion needed to meet the target.

 
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