The World Bank has joined the chorus warning the world of an impending food crisis with damaging food price inflation. In its late-August edition of its Food Price Watch the Bank reported that global prices for food as reflected by its Food Price Index rose 10 per cent in July 2012 alone. The prices of staples such as corn and soya bean were at an all-time high that month, with the increase in corn prices amounting to 25 per cent and that in soya bean to 17 per cent over a single month. Earlier, the FAO had reported that its Food Price Index (FPI) rose by 6 per cent in July 2012, driven by grain and sugar prices. Cereal prices had risen by 17 per cent in June relative to the previous month, maize prices by close to 23 per cent and wheat prices by around 19 per cent.
