The World Bank attempts to put concerns about the credit crunch and falling house prices into some sort of perspective with a report about the difficulties faced by those in the devloping world caused by the steep increase in food prices. The price of wheat has risen by 120% in the past year, more than doubling the cost of a loaf of bread. Rice prices were up by 75%. The Bank's analysis chimes with research from the International Monetary Fund showing that Africa will be the hardest hit continent from rising food prices. More than 20 African countries will see their trade balance worsen by more than 1% of GDP as a result of having to pay more for food.See Geoff Riley's Chart of the Day:
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