Food Prices

The Food Price Watch of the World Bank Food price group says global food prices in July 2011 remain

significantly higher than a year ago. Prices overall remained 33 percent higher than a year ago with commodities such as maize (up 84 percent), sugar (up 62 percent), wheat (up 55 percent) and soybean oil (up 47 percent) contributing to the increase. Crude oil prices are 45 percent higher from July 2010 levels, affecting production costs and the price of fertilizers, which increased by 67 percent over the same period. …“Persistently high food prices and low food stocks indicate that we’re still in the danger zone, with the most vulnerable people the least able to cope,” Zoellick said. “Vigilance is vital given the uncertainties and volatility that exists today. There is no cushion.”