GLOBAL FOOD PRICE CRISIS

Global food prices have been on a relentless rise since the third quarter of 2007. Particularly affected have been food staples such as rice, wheat and maize all of which are the primary nutrition source for over 5 billion people in the world today. Major exporters of these staples (including The Philippines and India) have banned exports in an attempt to control the supply and prices of the staples within their borders. Global leaders from the UN, World Bank and the EU have issued warnings of the continued upward spiral of staple food prices coming on the back of general price increases occasioned by the increase in the price of oil. How prepared are developing countries to counter this issue? What role should governments, private sector and development partners play to control the current crisis and to prevent this in the future?