Food prices are up 30 percent year-over-year.
A new report from the Asia Development Bank warns that another 30 percent rise in food prices would drive 193 million people into poverty and lower GDP growth by up to 0.6 percent.
When food prices reached this level in 2008, many called it an aberration. Now it's seems the rise in food prices is a long term trend, which can't be chalked up simply to liquidity or weather.
Every country in Asia has taken measures to address the crisis, including tax cuts, export restrictions, price controls and food aid.
Commodity prices peaked in 2008 and then decline during the global recession. Now they're approaching peak
Cereals are driving the increase in food price
However, cereal remains well below the 2008 peak
See the rest of the story at Business Insider
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Full story at http://feedproxy.google.com/~r/businessinsider/~3/gq6XP3MCvnQ/asia-development-bank-food-crisis-2011-4
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