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Thursday, June 23, 2011
World Bank says global food prices doubled in the last three years. The crisis was attributed to trade restrictions, poor weather and rising biofuels depends on corn and other staple food prices soaring use. Increase in fuel prices make transportation of food more expensive. World Bank and other agencies will meet next week to work out strategies to solve this problem.
But in their papers, the global food crisis - another Marie Antoinette, an independent strategy that is food into another asset bubble speculative investment and accumulation of results. "There is no doubt that in the growing consumption growth as a result of population and income, rising food prices has been the main driving force of doubt, 'the report said.
There have already been food riots around the world but the most vulnerable country, according to the report, is Egypt as it has a very large population, a dependency on food imports and an inability to offset rising food prices with higher receipts from the export of any other commodities.