The Asian Development Bank has warned that high food prices on the continent could push 64 million people in developing countries into extreme poverty, reports the AFP.
On average food prices are up 10% since the beginning of the year with staple prices significantly higher than last year. For example, rice prices have risen by 36.7% since June 2010 in Vietnam, while Kyrgyzstan has seen wheat prices rise 67% during the same time period.
“Left unchecked, the food crisis will badly undermine recent gains in poverty reduction made in Asia,” Asian Development Bank cheif economist Rhee Changyong said.
The rise in food prices has been linked in part due to extreme weather throughout the world, which has crippled some vital crop regions, including in some cases unprecedented droughts in Russia, China, and the US; floods in Australia and Pakistan; and a severe winter in Europe and parts of the US. Experts say that climate change is likely intensifying such extreme weather events, and causing them to occur with greater frequency.
Rising oil prices and a weakening US dollar are also expected to exacerbate the situation in Asia.
“For poor families in developing Asia, who already spend more than 60% of their income on food, higher food prices further reduce their ability to pay for medical care and their children’s education,” said Rhee.
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