Coffee prices topped 3 US dollars a pound in New York for the first time since 1977, as prospects of another production deficit combined with a sliding dollar to encourage fund buying.
United States prices rose 0.4% in January compared with the previous month, mostly due to rising food and fuel prices. The rate of change was the same as seen in December.
Royal Dutch Shell which refines about 15% of Argentina’s fuel is waging a court battle against a government ban that prevents fuel producers from increasing prices. Shell’s federal court complaint was filed last week following a government order on August 18 mandating oil companies to lower fuel prices to a pre-August 1 level.
Uruguay’s consumer inflation increased 1.09% in July accumulating 4.21% so far this year and 6.29% in the last twelve months, which is in the target range of the Central bank.
The past week’s intensely cold weather has hit farm in central and southern Chile hard, especially those growing fruits and vegetables. Production is expected to drop sharply and there has already been a 20% rise in fruit and vegetable prices.
Sugar fell in New York and London, reversing earlier advances, as an improved outlook for production in Brazil and normal rainfall in India outweighed concern that supplies will fall short.