Friday, October 7, 2011
The head of the world’s biggest food company Nestle said on Friday that rising food prices have created conditions “similar” to 2008 when hunger riots took place in many countries.
“The situation is similar (to 2008). This has become the new reality,” the Swiss giant’s chairman Peter Brabeck-Letmathe told the Salzburger Nachrichten daily in his native Austria in an interview.
“We have reached a level of food prices that is substantially higher than before. It will likely settle down at this level.
“If you live in a developing country and spend 80 percent of your income on food then of course you are going to feel it more than here (in Europe) where it is maybe eight percent.”
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