World Bank Unveils Food Price Warning

HeadlineAug 17, 2011

The World Bank has unveiled a report warning food costs are approaching levels that sparked massive unrest across the globe three years ago. José Cuesta, a senior economist at World Bank’s Poverty Reduction and Equity Group, unveiled the new findings.

José Cuesta: “Global prices of food remain very high, very close to 2008 peak levels, and basically one-third above of the prices that they were one year ago. They will find more difficult to access and to buy food. They will find more difficult to diversify their diets. And the cost of living for everyone, for all consumers, of course, especially the poor, will worsen. The cost of living will increase, and that will worsen their ability to buy the diversified foods.”

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