For a while yet if in the future at all, pointing to an unstable global Food Supply Pressurised by the war in ukraine. Now the price of food in the uk rose by nearly 17. 5 in the year tojune, which was actually a fall from a high of just over 19 in the year to march, following an overall drop in the wholesale price of food which you can see here peaking when russia invaded ukraine last year. It has been trending downwards. But prices are still much higher than before the war and have started creeping up again. Lets discuss this with Kona Haque Head of reserach at commodities house ed and f man holdings. Good to have you on the programme. Do you agree with the Chief Economist at the Bank Of England that actually high food prices are here to stay . I think at least for the sure term we still have got some pressures that will keep prices elevated. The factors globally, the stocks, global stocks of the stocks, global stocks of the grains, the staples such as grains and oils, and sugar, the
Regional expert who explained the Economic Impact of those floods. ~ ,. , . ,. , floods. While youre flooding so far in the floods. While youre flooding so far in the month floods. While youre flooding so far in the month of floods. While youre flooding so far in the month ofjuly i floods. While youre flooding so far in the month ofjuly is| so far in the month ofjuly is estimated to have cost around 25 Billion Us Dollars then of course the season for these sorts of extreme weather events is not yet over. August and september historically have also often had Severe Weather events, such as typhoons and floods, as well as drought last year china was also hit with a very severe drought. So what we are seeing is increasing impact of Severe Weather events on china and this is, of course, linked to rising temperatures globally, Climate Change is very much linked to what we have seen at present in china and in recent years and there are a lot of concerns that as Global Temperatures rise furthe
Expert rajiv biswas, who explained the Economic Impact of these floods. Of these floods. Well if flooding of these floods. Well if flooding so of these floods. Well if flooding so for of these floods. Well if flooding so for any of these floods. Well if i flooding so for any month of these floods. Well if flooding so for any month of july is estimated to cost around 25 billion us dollars, then of course the season for then of course the season for the extreme weather events is not yet over, august and september, historically, have also often had Severe Weather events, such as typhoons and floods, as well as droughts. Last year china was also hit by very severe drought. So what were seeing increasing impact of Severe Weather events on china and this is, of course, linked to rising temperatures globally, Climate Change is very much linked to what we are seeing at present in china and in recent years and there is a lot of concern that as Global Temperatures rise further towards that globa
I mean, these figures for trade are actually even worse than economists had anticipated in terms of exports. Its the weakest data since back in february 2020, when china, of course, was right in the thick of the pandemic. Why is this data so bad . Well, its mainly to do with chinas customers abroad. Theyre really struggling with high inflation, high Interest Rates. So theyre spending less money on chinese goods. And if youre a policymaker in beijing, well, its difficult to say what you should do about that. You cantjust force other countries to start buying more of your goods. But theres also more to contend with. If you look at the spending within china, thats also looking not very encouraging at the moment. Tomorrow, were expecting some more figures to be coming out, which will probably show Deflation Prices actually going down in china. Thats a bit more difficult to explain. But there are some people who think that chinas Zero Covid Policy went on for so long that customers just are
us regulators have opened an investigation into openai, the microsoft backed startup behind chatgpt. the federal trade commission says it s looking into whether the ai chatbot could put consumers reputations and privacy at risk by publishing false information about them. open al s ceo sam altman says they will work with the ftc, saying, we protect user privacy and design our systems to learn about the world, not private individuals . michelle fleury in new york has more. the artificial intelligence company openai is facing a probe by us regulators. the federal trade commission, or ftc, sent a letter to the microsoft backed company asking for more information about its privacy and data security practices. the agency also wants to know if the ai tool harmed people by generating false information about them. since its launch, there has been a lot of noise about openai. this is the service that generates convincing human like responses to user queries and is expected to dramatic