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Prices: raw materials boom ballast the food industry

Vacondio (Federalimentare): "Stop to speculative agricultural financial instruments"

"Italy underestimated the raw materials alarm. The rises caught us unprepared because we had come from years of relative stability in agricultural markets. The whole food industry has to deal with increases that it cannot download downstream" . Word of Ivano Vacondio who, in a long interview with Il Sole 24 Ore, raised the alarm on the increases which also record "sudden increases of up to 30%". Vacondio is the Chairman of Federalimentare, the Italian association of food industries.

The problem is also that Italy is largely in deficit in almost all sectors. Vacondio stresses that it is necessary "to increase agricultural production. In recent years the areas have been reduced more and more due to the reckless use that has been made of the soil. We do not have enough land to become self-sufficient".

Then there is the speculation. "It is necessary to put a stop to derivatives, to the financialization of the agricultural market. The financial mass that moves on the futures market in this sector is having a considerable impact on the extent of increases, with out-of-scale increases". For Vacondio "world production is sold 10 times more on the futures market: more stringent rules are needed on the use of derivatives in agricultural commodities".

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EFA News - European Food Agency