Book Description

Global food prices have eased significantly from their record highs in the first part of 2008. As a worldwide economic downturn has gathered pace, commodity markets have weakened significantly. By October 2008, the UN Food and Agriculture Organization's Food Price Index stood at 164, the same level as in August 2007, and 25% lower than the Index's high of 219 in June 2008. However, this does not mean that policy-makers around the world can start to breathe a sigh of relief. For one thing, even at their somewhat diminished levels current prices remain acutely problematic for low-income import-dependent countries and for poor people all over the world. The World Bank estimates that higher food prices have increased the number of undernourished people by as much as 100 million from its pre-price-spike level of 850 million.