I do find it rather remarkable that among the reasons he cited for the hefty increase, he conveniently omitted the effect of Federal Reserve monetary policy and its link to speculative demand for some of these very same commodities. While it certainly is not the sole cause, it is certainly among the causes and no objective view of this phenomenon should be excluding it.
Food Prices at Dangerous Levels: World Bank Chief
World Bank chief Robert Zoellick Tuesday said global food prices have reached dangerous levels that could complicate fragile political and social conditions in the Middle East, and warned that their impact also bears watching across Central Asia.
World Bank data released Tuesday showed higher food prices has pushed 44 million more people into extreme poverty since June 2010 in developing countries.
Zoellick said although higher food prices were not the main reason that led to violent protests in Egypt and Tunisia, it was an aggravating factor and could become worse.
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