World Food Prices Hit Record

World food prices soared to an all-time high in December, according to the United Nations, topping 2008 levels that sparked riots in more than 30 countries.

The UN's Food and Agriculture Organization's index of 55 food commodities rose for a sixth month in a row in December to 214.7, up from 206 in November. Price spikes in sugar, cereals and oils drove the jump.

The FAO's food-price index's previous record was 213.5 in June 2008. The FAO started tracking data in 1990.

The FAO's Cereals Price Index rose to 237.6 in December, the highest level since August 2008 and up from 223.3 in November. The organization's Sugar Price Index jumped 398.4 from 373.4 in November -- also a record high. The Oils Price Index rose to 263.0 from 243.3 in November, the highest level since July 2008.

FAO Senior Economist Abdolreza Abbassian does not think the price increases will cause riots now. “In 2008 we had rapid increases in petroleum prices, fertilizer prices and other inputs,” Abbassian told Bloomberg News. “So far, those increases have been rather constrained."

But Abbassian was cautious: "It doesn’t really reduce the fear about what could be in store in the coming weeks or months.”