Apr 20, 2012 (IPS) - Continuing near-record high food prices around the world are
highlighting international inattention to a looming threat,
observers here warned on Friday.
According to speakers at the launch of the World Bank-International Monetary Fund (IMF) Global Monitoring Report 2012, on the sidelines of the Bank-IMF spring meetings, a lack of focus on agriculture and nutrition in development priorities could prove disastrous in the event of another spike in food prices.
The sudden rise in food prices in 2007-08 is thought to have brought the number of hungry people to more than one billion internationally. While food costs dropped in 2009 due to the international financial crisis, 2011 again saw record highs, brought about in part by variable weather conditions, mounting oil prices and the growing use of biofuels.
According to information released by the United Nations Food and Agriculture Organisation in early April, food prices have continued to rise during the first three months of this year, and currently remain higher than during the crisis period of 2007-09. According to many observers, high food costs have become the "new norm".
The social implications of fluctuations in food costs have been clear. The high cost of staple foods was a major driver behind the Arab Spring protests, for instance. Today, continued high food prices are fuelling inflation worries across the globe, notably in India and China.
The Global Monitoring Report (GMR), which annually tracks development indicators, warns that critical macroeconomic policy buffers in low- income countries have yet to be rebuilt.
Read more: http://ipsnews.net/news.asp?idnews=107516
According to speakers at the launch of the World Bank-International Monetary Fund (IMF) Global Monitoring Report 2012, on the sidelines of the Bank-IMF spring meetings, a lack of focus on agriculture and nutrition in development priorities could prove disastrous in the event of another spike in food prices.
The sudden rise in food prices in 2007-08 is thought to have brought the number of hungry people to more than one billion internationally. While food costs dropped in 2009 due to the international financial crisis, 2011 again saw record highs, brought about in part by variable weather conditions, mounting oil prices and the growing use of biofuels.
According to information released by the United Nations Food and Agriculture Organisation in early April, food prices have continued to rise during the first three months of this year, and currently remain higher than during the crisis period of 2007-09. According to many observers, high food costs have become the "new norm".
The social implications of fluctuations in food costs have been clear. The high cost of staple foods was a major driver behind the Arab Spring protests, for instance. Today, continued high food prices are fuelling inflation worries across the globe, notably in India and China.
The Global Monitoring Report (GMR), which annually tracks development indicators, warns that critical macroeconomic policy buffers in low- income countries have yet to be rebuilt.
Read more: http://ipsnews.net/news.asp?idnews=107516
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