Rising wheat prices sparks food inflation fears

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Today's 1.4% wheat increase follows a hike of 2% yesterday when Russia announced it was extending an export ban into next year because of a drought.

Meat prices are also touching a 20-year high because livestock graze on wheat-based grains.

Abdolreza Abbassian, economist at the United Nations' Food and Agriculture Organisation, said: "It is true that Russia is thinking about extending the embargo but it still does not mean that we are going to have a crisis [as in 2008]."

Russia, responsible for around 14% of global wheat production, revealed the ban for this year a month ago, pushing wheat to a two-year high of $8.68 a bushel. It was trading today at $7.23.

The average price of a loaf in Britain has almost doubled in five years to £1.19.