Food prices at dangerous level -WB

The World Bank has reported that over the past eight months, the rise in global food prices has pushed more people of around 44 million into extreme poverty in developing countries. The poverty-fighting institution has declared that the food price index surged by 15 percent between October 2010 and January 2011 and is just 3 percent under its 2008 crest during the last food price crisis. 

The World Bank has reported that over the past eight months, the rise in global food prices has pushed more people of around 44 million into extreme poverty in developing countries.

The poverty-fighting institution has declared that the food price index surged by 15 percent between October 2010 and January 2011 and is just 3 percent under its 2008 crest during the last food price crisis. 

But unlike during the food crisis of 2007-2008, all regions of the world were not yet effected by the elevated prices. Rising food prices is gearing up inflation pressures across Asia and in some parts of Latin America and Eastern Europe countries, while good harvests of staple foods in Sub-Saharan Africa has so far secured that region from rise in prices.

"Higher maize, sugar, and oil prices have contributed to increase the costs of various types of food, though local maize prices have largely been stable in sub-Saharan Africa," the World Bank said in an updated Food Price Watch report.

Surveying 28 household in poorer countries, the World Bank concluded, poverty has increased by more than 0.5 percent points due to rising food prices.

Agencies

 

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