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December 2, 2008 5:49:25 AM CST

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Food Crisis Lurks in Soaring Prices, Says IMF Chief

Posted Apr 13, 08 9:44 AM CDT in Business,  World 

(Newser) – Rising food prices may soon have dire global consequences with starving people rioting in the streets, warns the head of the International Monetary Fund. “Hundred of thousands of people will be starving,” he said yesterday at a meeting in Washington. “Children will be suffering from malnutrition, with consequences for all their lives.” Climbing food prices will lead to increased trade imbalances in developing countries, with major ramifications.

Food riots have already rattled several countries, including Haiti, the Philippines, and Egypt, reports the BBC. Increased food demand, poor weather in some areas, and a boom in crops used for alternative fuels have led to sharply rising food prices in recent months. The IMF called for “strong action” to also deal with the continued financial fallout from the housing bust and credit crunch.

Source BBC

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A handful of corn is shown before it is processed at the Tall Corn Ethanol plant in Coon Rapids, Iowa.   (AP Photo/Charlie Neibergall)
International Monetary Fund Managing Director Dominique Strauss-Kahn speaks with reporters during the IMF's Spring meetings in Washington, Saturday, April 12, 2008.   (AP Photo/J. Scott Applewhite)
International Monetary Fund Managing Director Dominique Strauss-Kahn, right, and Italy's Minister of Economy and Finance Tommaso Padoa-Schioppa, center, during the IMF's meeting on April 12.   (AP Photo/J. Scott Applewhite)
International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn speaks during a news conference.   (AP Photo/Haraz N. Ghanbari)
Corn farmer Keith Witt checks the freshly harvested corn as it is transferred to a holding bin.   (AP Photo)
The head of the International Monetary Fund Dominique Strauss-Kahn is seen during a press conference on structural reforms.   (AP Photo/Christophe Ena)
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food • protests • food prices • ethanol • crops • International Monetary Fund • starvation • price • trade affairs


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