Wednesday, February 16, 2011

Food Prices Impoverish 44 Million

World Bank: High food prices impoverish 44 million

Feb 16, 2011 - Rising food prices have pushed about 44 million people into poverty in developing countries since last June as food costs near peak 2008 levels, the World Bank warns in a new report.

The bank's food price index, which jumped 15% between Oct. 2010 and Jan. 2011, is 29% higher than a year ago and only 3% below its 2008 peak, according to the report released Tuesday.

"Global food prices are rising to dangerous levels and threaten tens of millions of poor people around the world," World Bank Group President Robert B. Zoellick said in announcing the findings. Citing food riots in 2008, he said the rising prices are not "the primary cause" for current political instability in the Middle East but have been "an aggravating factor that could become more serious." {continued}

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