Global Food Prices Up by 33% Y/Y in July 2011World | August 16, 2011, Tuesday // 10:02| views
World Bank President Robert B. Zoellick has warned that persistently high food prices and low food stocks spell hunger for millions of vulnerable people. Photo by dawn.com
Global food prices in July 2011were 33% higher than a year ago, according to the World Bank.
The World Bank's Food Price Watch released Monday says, "Prices overall remained 33 per cent higher than a year ago with commodities such as maize (up 84 per cent), sugar (up 62 per cent), wheat (up 55 per cent) and soybean oil (up 47 per cent) contributing to the increase."
The report cautions further that, when combined with continued volatility, the higher food prices exposed people in the developing world to a"continued risk".
The quarterly report highlights that vigilance is needed as global food stocks remain low and expected volatility in the prices of sugar, rice, and petroleum products could have unexpected effects on food prices in the months ahead.
The report also says sustained increases in food prices are driving up inflation in a number of countries such as Ethiopia and Guatemala.
"Persistently high food prices and low food stocks indicate that we're still in the danger zone, with the most vulnerable people the least able to cope," said World Bank President Robert B. Zoellick.
Over the last three months, reportedly 29,000 children under five have died in Somalia and 600,000 children in the region remain at risk in the ongoing crisis that is threatening the lives and livelihoods of more than 12 million people.
"Nowhere are high food prices, poverty and instability combining to produce tragic suffering more than in the Horn of Africa," Zoellick added
In his words, the World Bank is boosting annual agricultural spending to USD 6 – 8 B from USD 4.1 B in 2008.
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