Riots in Haiti, in response to the inflation of food prices, have brought this issue of rising food prices around the world to the front page. Riots such as these have taken place in Egypt, Cameroon, Senegal etc. and are at risk of occurring in 33 more countries, The Wall Street Journal reported today. The IMF Board of Governors is calling for an “integrated response” from the World Bank and the IMF to what has become an untenable situation for many poor countries. Although, as we mentioned in last Tuesday’s post, there are several contributing factors to this rise in food prices, everyone seems to agree that the United States’ obsession with biofuels is partly to blame.
* This article on WSJ.com is only able to be viewed by non-subscribers for a few more days.