Brazil's Lula sees soaring food prices temporary

25 April 2008 19:08  [Source: ICIS news]

HOUSTON (ICIS news)--Soaring food prices are a temporary phenomenon, Brazil’s President Luiz Inacio Lula da Silva said on Friday.

Brazil is close to the food-vs-fuels debate given its position as the world’s largest exporter of ethanol derived from sugarcane. As well, Brazil is a top supplier of other commodities such as soy, beef and coffee.

“This [increase in food prices] should not been seen as dangerous, it is a temporary thing,” Lula said in an address in Portuguese.

The Brazilian president cited technological advances in food production as a solution to rising demand around the world.

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By: John Waggoner
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