Food 10% costlier in July on US, Europe woes: World Bank
Global food prices soared 10% in July, increasing the threat to millions of the world’s poor especially in Africa and West Asia, the World Bank said on Thursday.Drought and soaring temperatures in the US and Eastern Europe have savaged some of the key grain crops that feed much of the world, with prices for corn and soybeans hitting records.
The Bank warned that a repeat of the price surges of mid-2008 and early 2011 endangered the health of millions in food-importing countries. West Asia and North and Sub-Saharan Africa remain the “most vulnerable to this global shock,” the World Bank said.
From June to July, prices of corn and wheat jumped by 25% while soybeans were up 17%.