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Food prices: World Bank warns millions face poverty
Key Excerpts from Article on Website of BBC
Posted: April 26th, 2011
http://www.bbc.co.uk/news/business-13086979
The World Bank has warned that rising food prices, driven partly by rising fuel costs, are pushing millions of people into extreme poverty. World food prices are 36% above levels of a year ago, driven by problems in the Middle East and North Africa, and remain volatile, the bank said. That has pushed 44 million people into poverty since last June. A further 10% rise would push 10m more below the extreme poverty line of $1.25 (76p) a day, the bank said. And it warned that a 30% cost hike in the price of staples could lead to 34 million more poor. The World Bank estimates there are about 1.2 billion people living on less than $1.25 a day. "More poor people are suffering and more people could become poor because of high and volatile food prices," said World Bank president Robert Zoellick. "We have to put food first and protect the poor and vulnerable, who spend most of their money on food." The World Bank says prices of basic commodities remain close to their 2008 peak, with the prices of wheat, maize and soya all rocketing.
Note: What this article fails to mention is that two top UK newspapers have exposed how much of the rise in food prices has been cause by speculation, especially that of big banks. To read these two excellent articles, click here and here. As prices continue to rise, remember the key role of speculators, whether it be food, oil, gold, or any other commodity.
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