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Latest update: 15/02/2011
- food and beverage industry - inflation
Rising food prices push millions into poverty
World Bank President Robert Zoellick has warned that global food prices have reached “dangerous levels” and pushed an estimated 44 million people into poverty over the past year, an effect he says could contribute to political instability.
By News Wires (text)
AP - World Bank President Robert Zoellick says global food prices have hit “dangerous levels” that could contribute to political instability, push millions of people into poverty and raise the cost of groceries.
The bank says in a new report that global food prices have jumped 29 percent in the past year, and are just 3 percent below the all-time peak hit in 2008. Zoellick says the rising prices have hit people hardest in the developing world because they spend as much as half their income on food.
The World Bank estimates higher prices for corn, wheat and oil have pushed 44 million people into extreme poverty during the year.
Zoellick said he expects food prices to continue to rise, and that export bans and weather disruptions are partly to blame.
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Comments (2)
QE aka Fiat Money Printing
hmm, no mention of fiat currency printing, with US as ringleader?
And...
The elephant in the room is the ever growing number of mouths to feed. This problem is not going to go away on it's own world leaders. It will reach a point where the plebs will demand their governments to feed them and there will be no food to give them. Then civilization will fall. This is not a prediction but a fact soon to take place if the U. N. Does nothing to stop it.
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