Food inflation in Asian countries surges: report

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Food inflation in Asian countries surges: report

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Food inflation in Asian countries has surged by 10 percent during first four months of 2011.

26 April,2011 12:28 pm

According to a report released by the Asian Development Bank, world food prices have surged by more than 30 percent in the first two months and threaten to push millions of Asians into extreme poverty. The food inflation in many Asian economies has averaged 10 percent early this year and likely to be continued because of the global oil hikes, production shortfalls due to bad weather and export restrictions by several food producing countries.The fast increases in the cost of food are a serious setback for the region that has rebounded rapidly from the global economic crisis.