Food Prices Drive Up Indian Inflation, Strengthening Rate Hike View

World Food Day: A Time to Embrace the Farming We Want

“A lot of the people in the food industry are also big music fans,” Followill said at the band’s Nashville studio. “We kind of felt like Nashville didn’t have a really good food scene going on. And it has changed for sure, in the past three, four, five years and there have been a lot of great restaurants that have come in. But for a while it was kind of lacking in that area compared to some of the other cities on the same scale.” That’s changing. Fast. Last year alone nearly 75 new restaurants opened. Now Followill’s older brothers, Caleb and Nathan the foodies of the band are able to easily rattle off favorite Nashville eateries Husk, The Catbird Seat, Rolf & Daughters, City House and Bailey’s restaurant, Silly Goose, places that aren’t just great locally, but known nationally. And that has the players on the city’s music scene lending a hand to spread the word that good eats have arrived. Bands and artists like Kings of Leon, Dan Auerbach of the Black Keys and even Taylor Swift have been talking up the city’s fine restaurants and neighborhood favorites in national publications. And last month, the Followill brothers brought in top chefs from the Food Network, New York and Los Angeles to serve their creations alongside local restaurants and chefs at the band’s inaugural Music City Eats festival. “So now the theme has changed, now it’s a celebration of Nashville,” Caleb Followill said of the festival. “Cause we have a lot of young, great chefs that are trying to do something special and I want Nashville to become one of the Southern food meccas that it has potential to be.” City House’s Tandy Wilson, a Tennessee native who creates delicious Italian pastas and pizzas with Southern ingredients, said having musicians as regular customers fits into his style of dining. “It’s kinda opened some doors to a little bit of friendship and you figure out that we’re not all that different,” Wilson said. “I find a lot of these guys we can have the same conversations. When they go to a different city, they go eat somewhere.

A vendor waits for customers at his stall at a wholesale food market in Mumbai October 14, 2013. REUTERS/Danish Siddiqui

“The pickup in inflation is testament to the lingering inflation risks and underscores the need for the RBI to keep its inflation guards up,” said Leif Lybecker Eskesen, Chief Economist for India & ASEAN at HSBC in a note. Federal bond yields posted their biggest advance in three weeks after the data firmed up expectations for a second consecutive rate hike in as many months. The benchmark 10-year government bond yield ended up 8 basis points on the day at 8.57 percent, its highest since September 23. Other data showed consumer prices rose 9.84 percent year-on-year in September, the fastest pace in three months. Economists in a Reuters poll last week had forecast an annual 9.60 percent rise in retail prices. India is not the only major emerging market wrestling with inflation and high food costs – China’s consumer inflation hit a seven-month high of 3.1 percent in September. But the pace of growth in food prices in India stood out, rising to an annual 18.40 percent last month, the fastest clip since July 2010 and triple the 6.1 percent rise seen in China. India’s inflation data comes on the heels of Friday’s disappointing industrial output numbers. Output grew a much-slower-than expected 0.6 percent in August, hurt by weak investment and consumer demand, dashing hopes of an economic rebound by the end of the year. STAGFLATION? The data fills out a picture of high inflation and weak growth in Asia’s third-largest economy, which some analysts define as akin to stagflation. India is struggling to lift its economic growth rate, which hit a decade-low of 5 percent in the fiscal year that ended in March. But Rajan has clearly signaled that he will focus on price stability, which he sees as a necessary condition for raising the rate of growth. Higher interest rates are likely to further dent hopes of faster growth, however. That will be a worry for Prime Minister Manmohan Singh’s Congress party as it campaigns for five state elections starting in November, a warm up for national elections due by next May.

While You Slept, This Woman Took Selfies in the Plane Lavatory

In this scenario, a rich variety of crops is cultivated; chemical runoff, pests, and disease movement are rigorously managed; and a hospitable environment is established for beneficial microbes, insects and wildlife. We have created a high-level global Science Leadership Team to identify the science and the technologies that work best, employing science to support natural processes. One example is conservation or no-till agriculture to achieve higher yields through improved soil health. This method is practiced on roughly 17% of U.S. arable land currently. We believe that achieving the dual goals of food security and biodiversity conservation will require more science, not less. It will require more knowledge and more technology. Science-based farming could produce increased incomes for millions of farmers and higher, more sustainable yields (sustainable crop intensification techniques have almost doubled yields in field tests). Improved conservation would help restore endangered environmental services, including insect pollination, valued at more than 200 billion (US) in 2005. At the same time, diversification of cropping systems will strengthen the resilience of our food system, improve human nutrition, and open up profitable new markets for crops with growing demand like quinoa. In their use of serviceable land and fresh water, farmers are the largest managers of natural resources on earth While many biodiversity-friendly strategies cost less to implement than conventional approaches, where costs are higher, agricultural production subsidies could be re-purposed to support the transition. We are therefore calling for the interdependence of agriculture and conservation to be recognized in the both the new U.N. Sustainable Development Goals and the Convention on Biodiversity.