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Global food prices near record high

18 August 2011 11:38 (UTC +04:00)

Baku â€“ APA-Economics. New figures show food prices climbing 33 per cent in the year to July, while low stocks and fluctuating oil costs may mean worse is to come, says the international body, Ahram Online reported.

Global food prices are nearing a record high while ongoing volatility is putting the world’s poorest at risk, the World Bank said in a report published Monday.

According to the report, global food prices in July were an average of 33 per cent higher than a year before. Climbs in commodities such as maize, up 84 per cent; sugar, up 62 per cent; and wheat, up 55 per cent, all contributed to the increase.

A 45 per cent rise in crude oil prices since July 2010 has also affected production and transport costs, as well as the price of fertilisers, the latter soaring 67 per cent over the same period.

Prices from April through July settled around 5 per cent below the recent spike in February due to modest declines in grains, fats and oil, and meat, fruits, and sugar. But prices of other commodities remained volatile during this period, with maize and wheat prices declining in June before climbing in the first half of July.

â€œPersistently high food prices and low food stocks indicate that weâ€™re still in the danger zone, with the most vulnerable people the least able to cope,â€ World Bank President Robert B. Zoellick said.