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World Bank issues food price hike alert
2012-08-30 18:40:15 | (0 Comments)
Charlene Stuart, Senior Staff Reporter
Jamaicans are being put on the alert for higher food prices with the World Bank warning that there could be a significant hike in grain prices.
This means that Jamaicans can expect increases in chicken prices as well as other agricultural products which are linked to the cost of grain.
Earlier this year, the Jamaica Broilers predicted that the price of chicken meat could be increased by seven to 12 percent.
In this month’s edition of the Food Price Watch Report the Worl Bank said the price hikes could be high as four years ago.
Back then the rising cost of food sparked riots in Africa and Haiti.
The World Bank is advising countries to strengthen their programmes which can ease the pressure on the most vulnerable.
It’s also suggesting that policies and programmes be implemented which will ensure that poor families afford basic staples.
The advice stems from the bank’s latest report which shows that global food prices soared by 10 percent in July over June.
According to the Food Price Watch Report, weather is the critical factor behind July’s abrupt global price increases.
As it looks to the future, the Bank is predicting that prices are expected to remain volatile in the long-run as a consequence of increasing supply uncertainties, higher demand from a growing population, and the low responsiveness of the food system.
Source: The Gleaner/Power 106 News
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