Global Food Price Inflation and Developing Asia
Higher food prices erode the purchasing power of households in developing Asia and undermine the region's recent gains from poverty reduction. A 10% rise in domestic food prices could push an additional 64.4 million into poverty.
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The specter of high commodity prices has recently reemerged, with global food prices registering a new peak in February 2011, triggered mainly by production shortfalls due to bad weather. The 30% hike in international food prices has translated to an average domestic food price inflation in developing Asia of about 10%. This could push an additional 64.4 million Asians into poverty, or lead to a 1.9 percentage point increase in poverty incidence based on the $1.25-a-day poverty line. The frequency with which food price spikes have occurred in recent years suggests that short- and long-term solutions need to be implemented to secure food supplies for the world's growing population.
Contents
- Abstract
- Introduction
- Causes of High Food Prices
- Transmission of Global Food Prices to Domestic Prices
- Food Price Near-Term Outlook
- Effects of High and Rising Commodity Prices
- Policies for Enhancing Food Security
- Conclusion
- References
- Appendix 1: Impact of Food Price Increases on Poverty for 25 Developing Asian Countries, $1.25-a-day Poverty Line
- Appendix 2: National Policies to Address Rising Food Prices (as of 16 February 2011)
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