Tagged: food prices
Despite overwhelming evidence about the negative link between biofuels and food security, countries refused to take action on policies fueling land grabs, prices spikes and hunger.
Little will be done to curb harmful food speculation today as EU finance ministers meet to approve their position on the new Markets in Financial Instruments Directive (MiFID II) – which sets new regulations for financial markets. According to a broad coalition of environmental and development organizations, loopholes in the legislation will render it ineffective to prevent food speculation, and the resulting food price spikes that hit the poorest the hardest.
A serious food security crisis is developing in the Gao region of northern Mali due to a shortage of cereals on the market, rocketing food prices and restricted access. An Oxfam survey has found that up to 80 per cent of adults have reduced their daily food intake, in order to allow their children to eat at least twice a day.
The World Bank and IMF must step up their support for developing countries who are struggling with spiking food prices along with the fallout from Europe’s fiscal crisis, Oxfam said ahead of the annual meeting of the institutions in Tokyo this week.