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10/7/07

Forbes.com: Dallas Fed's Fisher says world economy facing 'sustained' food price inflation

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Dallas Fed's Fisher says world economy facing 'sustained' food price inflation

The global economy is facing 'agri-flation,' a period of rising food prices 'that may be more sustained than we would like' and could last several years, Dallas Federal Reserve Bank President Richard Fisher said today. While bio-fuel production is playing a part in higher global demand for agricultural products, Fisher said it's the 'evolving eating habits' of billions of people in emerging economies 'who are becoming increasingly wealthy' that are the principal factor in higher food prices.

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