World Bank: Food prices at “dangerous levels”

Dees Illustration

Christopher Leonard
AP/Yahoo

ST. LOUIS – Global food prices have hit “dangerous levels” that could contribute to political instability, push millions of people into poverty and raise the cost of groceries, according to a new report from the World Bank.

The bank released a report Tuesday that said global food prices have jumped 29 percent in the past year, and are just 3 percent below the all-time peak hit in 2008. Bank President Robert Zoellick said the rising prices have hit people hardest in the developing world because they spend as much as half their income on food.

“Food prices are the key and major challenge facing many developing countries today,” Zoellick said. The World Bank estimates higher prices for corn, wheat and oil have pushed 44 million people into extreme poverty since last June.

The report comes a day before Finance ministers and central bank chiefs from the Group of 20 leading economies meet in Paris. Zoellick said he’s worried some countries might react to food inflation by banning exports or implementing price controls, which would just aggravate the problem.

Read Full Article

RELATED ARTICLES:
5 Easy Ways to Protect Yourself from Food Inflation

7 Reasons Food Shortages will Become a Global Crisis


Activist Post Daily Newsletter

Subscription is FREE and CONFIDENTIAL
Free Report: How To Survive The Job Automation Apocalypse with subscription

Be the first to comment on "World Bank: Food prices at “dangerous levels”"

Leave a comment

Your email address will not be published.


*