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Rising food prices threaten global poverty reduction
Global food prices increased by 83 per cent while wheat prices soared 181 per cent in the 36 months leading up to February, threatening the global drive to reduce poverty by half by 2015, the World Bank said in its latest report.
- Gulf News Report
- Published: 00:14 April 13, 2008
- Global food prices increased by 83 per cent which threatens the global drive to reduce poverty by half by 2015, the World Bank said in its latest report.
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Dubai: Global food prices increased by 83 per cent while wheat prices soared 181 per cent in the 36 months leading up to February, threatening the global drive to reduce poverty by half by 2015, the World Bank said in its latest report.
"Food crop prices are expected to remain high in 2008 and 2009 and then begin to decline, but they are likely to remain well above the 2004 levels through 2015 for most food crops," the report said.
"While households that are net producers may benefit from higher prices, price increases for staple foods will increase poverty in several countries. Indeed, for many countries and regions where progress in reducing poverty has been difficult, the impact of rising food prices risks undermining the poverty gains of the last 5 to 10 years, at least in the short term."
For example, in the case of Yemen, estimates show that the doubling of wheat prices over the last year could reverse all gains in poverty reduction achieved between 1998 and 2005.
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