February 16, 2011 / 8:07 AM / 9 years ago

Indonesia wants G20 to pressure mkts not to speculate on food

JAKARTA, Feb 16 (Reuters) - Indonesia will ask the Group of 20 economies to pressure financial market players to not speculate on food prices, after rising costs for staples such as rice drove inflation in Southeast Asia’s biggest economy to a 21-month high last month.

“Indonesia wants the G20 forum to be able to put pressure so there will be no speculators — the financial and non financial industry who speculate on food commodities,” Agus Martowardojo told Reuters, ahead of a trip to a G20 meeting in Paris.

French President Nicolas Sarkozy called on Monday for new rules to curb commodity price volatility, warning as he laid out his G20 agenda ahead of the two-day talks this week that the world risks food riots and weaker growth if leaders fail to act. (Reporting by Rieka Rahadiana; Editing by Neil Chatterjee)

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