Monday, May 12, 2008

AFRICA: Soaring food and fuel prices may hurt growth

Photo: Tesfalem Waldyes/IRIN
Article: AFRICA: Soaring food and fuel prices may hurt growth

*The following are excerpts from the aforementioned article:

~"I cannot afford to buy wheat from the market," Tayech, a single mother of five, told IRIN. "It is too expensive."

~Ethiopian officials say the grain-subsidy programme was a response to the hardships faced by low-income urban dwellers because of escalating inflation rates - which they blame on the rising costs of oil and other commodities, including grain.

~Prime Minister Meles Zenawi said: "While our current economic development is encouraging, worsening inflation has created a difficult situation for the low-income urban dwellers."

~The number of food-insecure people, it noted, could rise worldwide by more than 16 million for every percentage increase in the real prices of staple foods, meaning 1.2billion people could be chronically hungry by 2050. That is 600 million more than previously predicted.

~Market-related factors and decreased production would render an estimated eight million Ethiopians food-insecure this year, while 2.4 million acutely food-insecure people would require food and cash assistance.

~Of these, 825,000 Ethiopian urban dwellers, including Tayech, already rely on wheat supplied through the government's distribution centres.

Click here to read the full article!

*Note the abovementioned excerpts are direct quotes from the article and thus all credit and references should be afforded to the authors/sources.

No comments: