Food imports 'to top $1 trillion'

by Sanjay Jha | May 22, 2008 at 03:13 am | 113 views | add comment | 0 recommendations

Soaring food prices are going to increase the food import bills of poor country. This will affect mostly to economically vulnerable countries. Majority of their budget will be spent on food and other poverty elevation progrmmes will be hit.

The amount of money being spent globally on importing food is set to top $1 trillion (£528bn) in 2008, an influential report estimates.
Soaring food prices are the cause of the huge bill - likely to be up 26% on the 2007 total - said the UN's Food and Agriculture Organization (FAO).
The most economically vulnerable countries will bear the biggest burden, the report said, with costs rising 40%.
But the FAO said there were signs that some food prices were starting to fall.