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Soaring Food Prices Threaten World's Poor Population

Written: 2012-08-31 12:54:50Updated: 2012-08-31 14:28:06

Soaring Food Prices Threaten World's Poor Population

The World Bank says international food prices surged in July, heightening a food security threat to the world’s poor population.

According to data released by the World Bank, corn and wheat prices soared by 25 percent last month, while bean prices went up 17 percent.

Corn and bean prices surpassed previous record-high prices set during the 2008 food crisis.

The World Bank explained that the recent draughts in the United States and eastern Europe and the massive amount of corn that was used in producing biofuel were factors that sent global grain prices higher.

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