Oxfam reaction: World Bank reports food prices have reached record peak
According to the World Bank's quarterly food price watch, the prices of internationally traded maize and soybeans reached all-time peaks in July, and the price of wheat has soared to 2011 peaks.
Oxfam's Head of GROW Advocacy Colin Roche said:
“Today's World Bank report that the price of maize and soybeans reached a record peak in July is yet another alarm bell for governments that action on food price volatility is urgently required but it’s still not clear whether they are listening.
“The report says that three-quarters of the change in the prices of internationally traded cereals will be transmitted to domestic markets, and Oxfam is already seeing the devastating impact of food price volatility in developing countries that rely on food imports.
"The G20 has decided to wait for September’s US crop report before deciding whether to take action on food prices but they must call it now before prices spiral out of control and push more people into hunger. This ‘wait and see’ attitude is unacceptable especially when the World Bank report has warned that prices are expected to remain high and volatile.”
Oxfam's analysis of 2012 global food price rises (pdf 237kb)
Read the report: Averting Tomorrow's Global Food Crisis: The European Union's role in delivering food justice in a resource-constrained world