Global food prices rose 8 % in December -March: World Bank
27 Apr 2012
High oil prices, adverse weather conditions and increased food imports by Asia pushed up global food prices by 8 per cent between December 2011 and March 2012 World Bank said in a statement.
According to the quarterly Food Price Watch report, the prices of all key staples increased between last December and March of this year, except for rice, due to both abundant supply and strong competition among exporters.
Maize prices increased by 9 per cent, soybean oil by 7 per cent, wheat by 6 per cent, and sugar by 5 per cent. During the period crude oil prices rose by 13 per cent.
"After four months of consecutive price declines, food prices are on the rise again threatening the food security of millions of people," said Otaviano Canuto, World Bank's vice president for poverty reduction and economic management (PREM)
"Putting food first must remain a priority for the global community and in our work in developing countries," he added.
The World Banks global food price index was only 1 per cent below a year ago and 6 per cent below the historic peak of February 2011, the statement said.
It said If the current forecasts for increased food production do not materialise, global food prices could reach higher levels, underscoring the need to remain very vigilant, the bank said.
.webp)
