During an interview with the daily - Salzburger Nachrichten in Austria, the Nestle chief said, "The situation is similar (to 2008). This has become the new reality."
"We have reached a level of food prices that is substantially higher than before. It will likely settle down at this level," added Letmathe and also continued his warning as stating,"If you live in a developing country and spend 80 percent of your income on food then of course you are going to feel it more than here (in Europe) where it is maybe eight percent."
Here it can be recalled that the price of cereals, making a history, increased so much that provoked a food crisis and riots in a number of African countries, as well as in Haiti and the Philippines in 2008.