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Washington, DC, United States (AHN) – Volatile global food prices that have soared 36 percent higher than last year are pushing millions of people deeper into poverty, World Bank officials warned Thursday.

“More poor people are suffering and more people could become poor because of high and volatile food prices,” World Bank Group President Robert B. Zoellick said in a statement. “We have to put food first and protect the poor and vulnerable, who spend most of their money on food.”

Higher fuel prices, along with events in the Middle East and North Africa, including severe weather events, are responsible for pushing food commodity prices up, according to a report by the World Bank Group.

The global food price index rose 36 percent because of steep increases in the prices of staple food items. Although rice prices have remained stable, other prices have not. Maize rose by 74 percent, wheat by 69 percent, soybeans by 36 percent and sugar by 21 percent. In addition, some countries have seen the prices of fruits and vegetables, meats and cooking oil continue to increase, which holds the potential to have a negative consequence on poor people’s nutrition and health.

World Bank officials estimate about 1.2 billion people around the world live below the extreme poverty line of $1.25 per day in developing nations. In contrast to the developing world, higher wages and a higher cost of living in the U.S. mean the poverty line there is $29.84 per day.

In addition, World Bank officials say that 44 million people have already been driven into poverty since June because of the increases in food prices.

According to latest edition of the World Bank’s Food Price Watch:

• Another 10 percent increase in global food prices could drive an additional 10 million people below the $1.25 extreme poverty line.
• A 30 percent price hike could lead to 34 million more poor.

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