Food prices rise on weather, improved living standards

Australian floods, drought in Russia take toll on shoppers

BEIJING - Extreme weather, improved living standards and increased global liquidity have pushed up food prices in emerging markets, experts say, but the risk of a jump in speculative demand for grain remains low.

A United Nations index tracking the global prices of cereals, oilseeds, dairy products, meat and sugar, surpassed its previously monthly high and reached its peak in January, ringing worldwide alarm bells that millions of people were at the risk of food insecurity.