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World Bank’s Zoellick: Food Prices High Until 2012

Reuters [1]
day, July 13, 2008

AMSTERDAM – World Bank President Robert Zoellick said on Saturday he expected food prices to remain above 2004 levels until at least 2012 and energy prices would also remain high and volatile.

He repeated that with food and fuel prices in a “danger zone” there was a need for $10 billion to provide food and cash handouts for the world’s poorest.

Soaring oil and food prices have fuelled inflation across the globe at the same time as economies slow, posing a sharp dilemma for lawmakers.

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Earlier this week, leaders of the Group of Eight rich nations in Japan agreed on the need to address global inflation, particularly elevated oil and food prices.

Full article here [1]