Global food prices have been driven up by recent ecological disasters, including heavy flooding in Queensland, SBS's Kathy Novak reports.
Flooding in parts of the state, neighbouring New South Wales, as well as that in Pakistan, has contributed to record commodity prices around the world.
The price of cereal, sugar and cotton has skyrocketed in the last few months.
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In 2008, riots broke out across the developing world when food prices hit a new high.
Between 2006 and 2008, the price of rice rose by over 200 per cent, and wheat by over 130 per cent.
But the latest load of environmental disasters have broken the record set just over two years ago.
"We could see a significant spike in prices even on the back of the higher prices we have now," Wayne Gordon, a Rabobank analyst told SBS.
The increasing cost of oil and energy may also have an affect.
"Higher food and energy prices will sap world consumer incomes everywhere and I think that could certainly have a significant effect - particularly in the rich world where growth is fragile," UBS economist George Magnus says.
The cost of coal may go up, as flooding in central and northern Queensland disrupts operation in at least 40 coal mines.
About half the world's coal comes from Australia.
The state government estimates about $100 milion a day is being lost in the mining sector due to the flood disruption.
