The weather has made headlines again this morning. Floods in the UK and droughts abroad have seen food prices soar.

It is currently apple harvest time and the extreme weather conditions reduced the crop by about 25 per cent - which will cause a price rise of nearly 20 per cent.

Elsewhere, in the US and Russia, there is not enough rain - so a further surge in food prices is likely.

Kona Haque is head of agricultural research at Macquarie Securities.

She told the Today programme: "We have had unprecedented bad weather. The thing is, we've always had bad weather. The reason why we react badly now is because we're not building inventories. Stocks are not high like the used to be back in the 90s."

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