From June to July this year, corn and wheat prices each rose by 25% while soybean prices increased by 17%, the World Bank said. Only rice prices decreased – by 4%.
Overall, the World Bank’s Food Price Index – which tracks the price of internationally traded food commodities – was six percent higher than in July of last year, and one percent over its previous peak, in February 2011.
Already, the bank said, maize prices had increased by 113% over the past quarter in Mozambique, while sorghum had risen 220% in South Sudan.
In response, US Republican presidential candidate said, ” They are on their own. There is no reason rich, wealthy people making over 100 million, should pay one penny more in taxes to alleviate this problem. It has nothing to do with us; it is their problem and they need to find the solution”…. Tea Party Republicans cheered and cheered…..