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World Bank Says Food Prices Jumped 10 Percent In July

A cow feeds in a drought-damaged pasture as temperatures climb near Princeton, Indiana.
The World Bank says drought in the U.S. and Eastern Europe caused global food prices to soar 10 percent higher in July.

The World Bank said damage and losses to the corn and soybean crops were responsible for pushing the price of food higher.

The bank did note that the price for rice decreased by some 4 percent.

World Bank Group President Jim Yong Kim warned that rising food prices were "sharply threatening the health and well-being of millions of people."

The World Bank said countries in the Middle East and Africa were most vulnerable to the effects of high prices for food.

Based on reporting by Reuters and AFP