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Rising Food Prices Cause Crisis 11 March 08

breadPrice increases of basic commodities like corn, wheat, rice, and beans threaten to cause a crisis of major proportions for many developing areas.

Developing countries are being hit hard by rising commodity prices and so is the UN World Food Programme (WFP). Food assistance organizations are gearing up to feed millions more on skyrocketing budgets. With food costs for 2008 up by US $500 million, totaling US$3.4 billion, the WFP is desperate for donations.

Global food prices have increased by 40 percent since June 2007. In Afghanistan wheat prices have risen 70 percent. A total of 2.55 million Afghans have moved into the category of 'high food insecurity' due to food prices.

Rising food prices are a caused by a multiple of factors including:
  • Demand for biofuels diverts crop production away from food
  • Increased demands from growing economies such as India and China
  • Rising oil and energy prices affect fertilizer, harvesting, storage, and delivery costs.
  • Increased climate and weather events destroying crops
  • Rising world population - expected to top nine billion by middle of century
Biofuel production will account for 30% of the US corn harvest by 2010, reducing land available for food crops and pushing prices on the international market even higher. Disturbingly, the amount of corn required to produce 75 litres of ethanol - roughly one tank of fuel - is enough corn to feed one person on a 2,000 calorie per day diet for a year.

View March 6, 2008 BBC News article
View March 6, 2008 World Food Programme press release
View March 4, 2008 BBC News article
View March 3, 2008 CTV article
View February 26, 2008 World Food Programme press release - Key points
View February 26, 2008 World Food Programme press release
View February 25, 2008 BBC News article
View February 15, 2008 Financial Post article

Sources: BBC News, World Food Programme, Financial Post, CTV news
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