From EDITOR's Desk
The raging increase in food and fuel prices is building heavy toll on low earners in Asian countries, raising concern over inflation and effecting local livelihoods. In the recently concluded 44th Annual Meeting of Asia Development Bank held in Ha Noi, the key issue was soaring food and fuel prices in Asia. The meeting witnessed a record number of delegates around 4000 including finance ministers, policy-makers, business honchos, academics, civil representatives and media.
The exponential growth of essential commodities and fuel prices have already pushed million back below the $1.25 a day poverty line. Further, rising petroleum prices in Asia and Pacific is raising the concern over the region's carbon footprint. The poor condition of Asia's 3.3 billion people are further deteriorating by its economic and demographic issues. The food rise now a significant factor for the improvement of the livelihoods in the immediate and the longer term.
The rising food and fuel prices have raised eyebrows of economists and analysts, advising nations to involve in constructive discussions on the long-term structural adjustments and to secure food supplies. Analysts fear if the food prices aren't curbed, it will badly undermine the recent achievement in poverty minimization made in Asia. It is estimated that even 10% rise in domestic food prices in developing nations could be nudging 64 million people into ditch of poverty.
Asia-Pacific economy influence the international monetary system, as with rising poverty, assuming a larger role for global monetary and economic stability.
The situation of underdeveloped nations in Asia is worst than it is estimated. According to a report from Vientiane Industry and Commerce Department, the price of pork is recently accelerated from 33, 000 kip (about 4.10 U.S dollars) per kilogram to 38,000 (about 4. 72 U.S. dollars) kip per kilogram.
The world's two-thirds poor population, estimating 600 million resides in Asia, living on less than $1.25 a day. After 2008 global financial crisis and food crisis, the number stemmed from 555 million people to present state.
The spiraling inflation, especially in food prices since mid-2010, severely hit Asian nations because most of the families in developing Asia spend more than 60% of their income on food on the contrary to developed countries, which spend 10% of their income on food.
The record high price of crude oil has been one of the factors, which forces a tremendous upward spiral of Asian food. Diesel is essential for pumps in the irrigation systems, and petrochemicals are an essential part of fertilizers, therefore, increase of crude oil directly affects on food production process.
Analysts advise policy makers of Asian countries to emphasis on entire food systems from farm production, processing, retail and distribution. They ask for better land production, using scarce resources such as land, water and energy, especially for the big nations like China and India.
Impact of Global Inflation on Essential Food Prices
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| Growing Food Inflation Hits Asian Economy |
The exponential growth of essential commodities and fuel prices have already pushed million back below the $1.25 a day poverty line. Further, rising petroleum prices in Asia and Pacific is raising the concern over the region's carbon footprint. The poor condition of Asia's 3.3 billion people are further deteriorating by its economic and demographic issues. The food rise now a significant factor for the improvement of the livelihoods in the immediate and the longer term.
The rising food and fuel prices have raised eyebrows of economists and analysts, advising nations to involve in constructive discussions on the long-term structural adjustments and to secure food supplies. Analysts fear if the food prices aren't curbed, it will badly undermine the recent achievement in poverty minimization made in Asia. It is estimated that even 10% rise in domestic food prices in developing nations could be nudging 64 million people into ditch of poverty.
Asia-Pacific economy influence the international monetary system, as with rising poverty, assuming a larger role for global monetary and economic stability.
The situation of underdeveloped nations in Asia is worst than it is estimated. According to a report from Vientiane Industry and Commerce Department, the price of pork is recently accelerated from 33, 000 kip (about 4.10 U.S dollars) per kilogram to 38,000 (about 4. 72 U.S. dollars) kip per kilogram.
The world's two-thirds poor population, estimating 600 million resides in Asia, living on less than $1.25 a day. After 2008 global financial crisis and food crisis, the number stemmed from 555 million people to present state.
The spiraling inflation, especially in food prices since mid-2010, severely hit Asian nations because most of the families in developing Asia spend more than 60% of their income on food on the contrary to developed countries, which spend 10% of their income on food.
The record high price of crude oil has been one of the factors, which forces a tremendous upward spiral of Asian food. Diesel is essential for pumps in the irrigation systems, and petrochemicals are an essential part of fertilizers, therefore, increase of crude oil directly affects on food production process.
Analysts advise policy makers of Asian countries to emphasis on entire food systems from farm production, processing, retail and distribution. They ask for better land production, using scarce resources such as land, water and energy, especially for the big nations like China and India.
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Impact of Global Inflation on Essential Food Prices
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