The Group of 20 leading economies hopes to retract fears of a repeat of 2008’s food crisis by discussing ways to tackle soaring food prices.
Last month global food prices hit a record high, surpassing levels that caused riots in several countries in 2008, and key grains could rise even more, the United Nations’ food agency said this week.
According to Reuters, the major concern of the policymakers is that food prices could increase inflation, protectionism, and unrest, leading to economic instability.
The rising prices could also reduce the recovery from the financial crisis by lessening consumers’ budgets in emerging economies leading the global revival.
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