World Bank: Food prices near dangerous levels

Source: Press TV
http://www.presstv.ir/detail/165804.html

The World Bank says the global hike in food prices have reached dangerous levels, pushing some 44 million more people into poverty in just over six months.

"Global food prices are rising to dangerous levels and threaten tens of millions of poor people around the world," AFP quoted World Bank chief Robert Zoellick as saying in a recent statement.

"The price hike is already pushing millions of people into poverty, and putting stress on the most vulnerable, who spend more than half of their income on food," he went on to say.

According to the latest edition of the bank's Food Price Watch, prices rose by 15 percent between October 2010 and January 2011.

According to reports, 100 million people became prone to extreme poverty in the 2008 food crisis. The World Bank defines “extreme poverty” as living on less than $1.25 a day.

The bank's food-price index rose 15 percent between October and January, led by wheat, sugar and edible oil. The level is only three percent below the 2008 peak, when surging costs sparked riots in more than a dozen countries.

Corn has surged 86 percent in the past year, and wheat is up 69 percent after drought and floods damaged crops from Russia to Argentina. The Food and Agriculture Organization's World Food Price Index reached a record high in January for a second consecutive month