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World Bank Says Global Food Prices On the Rise Again

The World Bank says global food prices are on the rise again due to higher oil prices, unfavorable weather conditions, and Asia's strong demand for food imports.

The bank said on April 25 the cost of food increased by 8 percent between December and March.

However, even after the latest rise, food prices remain 1 percent below a year ago, and 6 percent below the February 2011 historic peak.

The World Bank said while the prices for grains, fats, and oil had increased, the cost of rice declined due to its abundant supplies and strong competition among exporters.

Developing economies were hit by a food and energy price crisis in 2008-09, sparking social unrest and food-export bans in some countries.

With reporting by Reuters