Thursday, February 17, 2011

Food prices rising to dangerous level

World Bank has expressed serious concerns over food prices rising to "dangerous levels" globally and said this has pushed 44 million people in developing countries into extreme poverty since June last year.

Spiralling prices of wheat, maize, sugar and oils apart from food items such as vegetables turning costlier, are pushing food inflation higher, according to World Bank.

"Rising food prices have driven an estimated 44 million people into (extreme) poverty in developing countries since last June as food costs continue to rise to near 2008 levels," the multilateral agency said in a statement on Tuesday.

Those who earn less than USD 1.25 per day are considered to be in extreme poverty.

World Bank Group President Robert B Zoellick noted that global food prices are rising to dangerous levels and threaten tens of millions of poor people. 

Source: Siliconindia

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