The drought situation in Australia is one of the largest impacters of food prices around the world. Add to that the current floods in the upper Midwest of the U.S. and you have a formula for further increases -- especially as rising petroleum prices continue to put upward pressure on transportation costs.
Australia food bowl areas "beyond repair in months"
CANBERRA (Reuters) - Parts of Australia's key Murray-Darling river food bowl may be beyond recovery unless a prolonged dry spell and political wrangling over water use ends by October, a leaked scientific report warned on Wednesday.
"There has been 10 years at least that people have said you have got to...(complete article here).
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