Food price rises pushing millions into extreme poverty, World Bank warns

OilLeader.com     |     April 14, 2011     |     Americas News     |     0 Comments

The World Bank’s food price index shows wheat, maize and soya costs have soared, requiring a relaxation of export controls and a rethink on biofuels

Food-producing countries must relax export controls and divert production away from biofuels to prevent millions more people being driven into poverty by higher food prices, the head of the World Bank Robert Zoellick said on Thursday in Washington.

Without action to increase the supply of food, an extra 10 million people could fall below the $ 1.25 (76p)-a-day extreme poverty line over the next few months in addition to the 44 million pushed into poverty by soaring food prices over the last year, he warned.
A report by the World Bank found prices have jumped by 36% since April 2010 driven in part by higher fuel costs connected to events in the Middle East and north Africa,
Higher transport and fertiliser costs have sent the price of wheat, maize and soya back to levels last seen in the price boom of 2008.