World Bank President Robert Zoellick says global food prices have hit "dangerous levels" that could contribute to political instability, push millions of people into poverty and raise the cost of groceries.
The bank says in a new report that global food prices have jumped 29 per cent in the past year, and are just 3 per cent below the all-time peak hit in 2008. Mr Zoellick says the rising prices have hit people hardest in the developing world because they spend as much as half their income on food.
The World Bank estimates higher prices for corn, wheat and oil have pushed 44 million people into extreme poverty during the year.
Mr Zoellick said he expects food prices to continue to rise, and that export bans and weather disruptions are partly to blame.
What he neglects to mention is the amount of arable land given over to growing Bio-Crops as the World searches for affordable oil as the supply begins to run out. Peak oil, was in 1964. Since then discoveries have been in decline. Demand is rising by 30% per year, while production is falling by 9%. It doesn't take a genius to work out that at some point the two figures will converge and at that point we are running out of oil. Don't believe all the shit you hear about shale oil, we explored that a few posts ago. More and more land will be given over to Bio-Fuels and that will only make the food problem worse. The only drawback from that, is that most cultivated land in the World is only kept going by the over use of fertilizers produced by and from oil and crops could not be grown on those fields without chemicals.
Buy a smallholding now.
It's your family's only chance of survival.