World Bank: Food prices are the biggest challenge for developing countries

World Bank President Zoellick said on February 10 that the sharp rise in food prices is the biggest challenge facing most developing countries.

Zoellick said in a statement issued by the World Bank on the same day: “For poor and rural families, food is a major part of household expenses and their proportion is increasing.”

According to the World Bank, the cost of some basic foods has already reached or exceeded the peak in 2008. The Bank anticipates that high fluctuations and above-average cereal prices will continue until at least 2015. Rising food prices are re-emerging as a threat to global economic growth and social stability.

At present, nearly 1 billion people in the world are hungry, and more than 60% of them are women. The World Bank believes that food prices are affecting the health and education of the poor.

Zoellick has repeatedly called on the G20 to take joint measures to stabilise global food prices and help poor countries cope with the pressure of rising food prices.