Global food prices on the rise again

reuters / Global food prices are rising again, pushed higher by costlier oil, strong demand from Asia and bad weather in parts of Europe, South America and the United States, the World Bank said April 25.

The latest World Bank food price index showed the cost of food rose eight per cent between December and March. In the previous four months, prices had declined. Even after the latest rise, food prices remain one per cent below a year ago and six per cent below the February 2011 historical peak, the World Bank said.

“After four months of consecutive price declines, food prices are on the rise again, threatening the food security of millions of people,” Otaviano Canuto, World Bank vice-president for poverty reduction and economic management, said in a statement.

The international rice price declined, however, due to abundant supplies of the grain and strong competition among exporters, the poverty-fighting institution said.

Developing economies were hit by a food and energy price crisis in 2008-09, sparking social unrest and food export bans in some countries.

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