Thursday, 24 July 2008

Food prices expected to remain high in 2008-2009: minister

Trade Minister Mari Elka Pangestu said that food commodity prices were expected to remain high in 2008 and 2009 as a result of high prices of food commodities in the world market."Food commodity prices in 2008 and 2009 will remain high such as those of maize which will increase by 27 percent, soybean 23 percent and rice nine to 10 percent," the minister said at her public lectures at the Sebelas Maret University (UNS).She said that food prices in the past one year had increased by 35 percent and there were several food commodities whose prices rose to even more than 100 percent.The minister said that increase in food prices took place not only in Indonesia but also in the world market. After 30 years of downward trend, the real prices of food commodities had in the past three years been on the rise.

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