The world is “dangerously close” to experiencing a new food crisis, the Food and Agriculture Organization has warned.
“[Food] prices are dangerously close to the levels of 2007-08,” Abdolreza Abbassian, an economist at FAO, said according to the Washington Post.
The Rome-based agency explained that the bill for international food imports is expected to reach USD1.026 trillion by the end of the year. The bill reached an all time high of USD1.031 trillion during the 2008 food crisis.
FAO further warned that food prices could even be higher in 2011. The agency’s warnings come amid existing concerns over the rising inflation in China and India, among other emerging countries, the Washington Post notes.
Agricultural production, particularly of wheat and corn, should be substantially expanded in 2011-2012 to meet the expected demand and to replenish world food reserves, the agency recommended in its latest food outlook report.