Rising Food Prices Push Up Inflation Significantly
by Maurizio d’Orlando of AsiaNews
A recently released report by the World Bank’s Food Price Watch confirms that rising agricultural products are sharply pushing up global food prices in lower-income nations (see “World food price uncertainty presents social risks,” in AsiaNews, 4 February 2011), especially among the poorest (where the poverty line is defined as US$ 1.25 per person per day).
The WB’s global food price (GFP) index increased by 15 per cent between October 2010 and January 2011, 29 per cent above its level a year earlier. The global prices of wheat, maize, sugar and edible oils especially saw sharp increases. According to the WB estimates, an additional 44 million people fell into poverty.
For some Asian nations, the price of wheat rose considerably: Kyrgyzstan (54 per cent), Bangladesh (45 per cent), Tajikistan (37 per cent), Mongolia (33 per cent), Sri Lanka (31 per cent), Azerbaijan (24 per cent), Afghanistan (19 per cent), Sudan (16 per cent), and Pakistan (16 per cent).