Investment bankers have come in for more abuse – not over their bonuses this time but for allegedly driving up the price of Christmas turkeys.

Paul Kelly, the poultry industry's "turkey man of the year", blames them for driving up the cost of wheat-based animal feed from £95 per tonne to £177.

The increase in feed prices comes despite strong commodity supplies. Wildfires destroyed some Russian wheat during the summer, but the US and other grain producing regions have had good harvests.

Since the financial crisis began, market analysts have watched speculative money pouring into commodity derivative markets, including food. Many experts link this activity by banks and hedge funds to recent volatility and sudden inflation in the retail costs of food and energy.

"As City traders enjoy their Christmas bonuses, their speculative activities are fuelling food price inflation," said Deborah Doane of the World Development Movement.

"This is bad news for the millions who live on the breadline in developing countries, as well as for hard-working families struggling to get by here in the UK... Even on Christmas Day, the British public is facing higher food bills at a time they can least afford it, as again we bear the brunt of bankers' greed."

(Source: Investment bankers blamed for driving up the price of turkeys [Guardian])