World Bank Reports July 2011 Food Prices Up 33% from Last Year
On August 15, 2011, the World Bank released its quarterly Food Price Watch report, which stated that global food prices in July 2011 remain significantly higher than a year ago. Prices overall remained 33% higher with commodities such as maize…
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(up 84%), sugar (up 62%), wheat (up 55%), and soybean oil (up 47%) contributing to the increase. Crude oil prices are 45% higher from July 2010 levels, affecting production costs and the price of fertilizers (up 67%). The report warns that vigilance is needed as global food stocks remain low and expected volatility in the prices of sugar, rice, and petroleum products could have unexpected effects on food prices in the months ahead.