Last Updated :
17 January 2011 at 16:05 IST
World food prices could go unaffordable this year
NEW DELHI (Commodity Online): Australia's flood situation has alarmed the world as the high scale destruction in major crop growing regions may push up world food prices.
India is already struggling with its farm product prices and the US has already got a taste of its food price index. Climatic changes has had its impact in many regions with snow falls in some whereas unprecedented floods in other areas.
Flood in Queensland alone could cost as much as $13 billion, or 1 percent of gross domestic product, in Australia's 1.3 trillion Australian dollar ($1.29 trillion) economy, according to Australian media.
Biggest causalities of this flood are mining companies especially coal. Australia is a major exporter of coal.
Bigger disasters are in the pipeline as cool conditions in the central equatorial Pacific Ocean associated with the current La Nina - a weather system known for producing heavy rains - could bring back the floods to the same regions that has not yet recovered from the first one.
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