Global food prices up 33% in July

| August 16, 2011 | 0 Comments

A report by the World Bank has revealed food prices are up 33% in the year to July on the back of volatile oil costs.

Crude oil prices are up 45% on the year (due to political unrest in the Middle East and North Africa) and this has affected production and transport costs, all contributing to the increase.

According to the report, wheat is 55% higher on an annual basis, while soybean oil and sugar are up by 47% and 62% respectively, partly due to US demand for biofuels.

The international body also said maize prices have surged by 84% on the year.

Commenting on the report, World Bank President Robert B. Zoellick, said: “Persistently high food prices and low food stocks indicate that we’re still in the danger zone, with the most vulnerable people the least able to cope.”

The World Bank is urging the G20 countries to address the growing crisis but the issue is not due for discussion until November.

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