Global Food Prices to Have More Increase
Global food prices had risen 33 percent in July over the year-ago period.
VIVAnews - The World Bank estimated that world food prices will soar and set a new record compared to the conditions in 2008 where global economy was hit by financial crisis. The high food price is seen as one of several factors contributing to African famine.
"Nowhere are high food prices, poverty and instability combining to produce tragic suffering more than than in the Horn of Africa, World Bank President Robert B Zoellick said in a quarterly report in global food prices.
Global food prices had risen 33 percent in July over the year-ago period. Maize prices were up 84 percent, sugar 62 percent, wheat 55 percent and soybean oil 47 percent.
Crude oil price rose 45 percent from the position in July 2011, causing the cost of fertilizer production to jump 67 percent.
A number of commodity prices such as fats and oils and other commodities such as meat, fruits, sugar also increased an average of 5 percent during the period of April to July 2011.
“Persistently high food prices and low food stocks indicate that we’re still in the danger zone, with the most vulnerable people the least able to cope," said Zoellick, adding that, “Vigilance is vital given the uncertainties and volatility that exists today. There is no cushion.”
This uncertainty coupled with political conditions in the Middle East and North Africa will cause oil prices to fluctuate.
Over 29,000 children under the age of five have died of malnutrition and disease in Somalia . In addition, 600,000 people out of 12 million of population in the environemnt are facing the same fate.
As many as 3.2 million people are now in desperate need of aid, 2.8 million of which are living in the northern region. Farmers who do not have reserves and funds to buy food are among the most affected.
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