<p>"International commodity prices are rising. Food situation is a major issue which is going to affect the international economy and trade. (It) is going to be discussed," Finance Minister Pranab Mukherjee said ahead of the G-20 ministerial meeting here.<br /><br />Mukherjee and finance ministers of rich and developing countries such as China, Brazil, Russia, the US, Japan, Germany and UK are meeting at a time when increasing food and crude oil prices have replaced currency war and the bail-outs, as the burning issues, as highlighted by the World Bank.<br /><br />World Bank highlighted the gravity of rising food prices.<br />"Global food prices are rising to dangerous levels and threaten tens of millions of poor people around the world," its President Robert B Zoellick had said.<br /><br />The World Bank report said that about 44 million people in developing countries have slipped into poverty on account of soaring prices of food items.<br /><br />The global food price index has climbed 15 per cent between October 2010 and January 2011, it said, adding that wheat prices have doubled during the same period.<br />Governments in several countries are battling food inflation, which in India remains in double digit despite moderation in recent weeks.<br /><br />Noting that the global economic recovery is still fragile, Mukherjee said, the ministerial meeting would focus on achieving long-term sustainable growth.<br /><br />"The recovery process from the international financial crisis is still fragile. It was expected that by 2010, most of the countries will recover.<br /><br />"There is strong recovery in North America, particularly the USA, but it is still fragile, particularly in four countries where sovereign debt is very high (and ) are causing problems. These countries are Ireland, Portugal, Spain and Italy," Mukherjee added.<br /><br />Currency war, which was a major issue at G-20 meetings in South Korea last year, will take a back seat this time. The currency war refers to competitive devaluation of currency by certain countries to keep their exports competitive.<br /><br />"I don't think it (currency war) is going to be that prominent in this meeting of the G-20. It was exhaustively and extensively discussed during the last meeting (in South Korea)," Mukherjee said.<br /><br />The G 20 countries collectively account for 85 per cent of the global output and two-third of the world population.</p>
<p>"International commodity prices are rising. Food situation is a major issue which is going to affect the international economy and trade. (It) is going to be discussed," Finance Minister Pranab Mukherjee said ahead of the G-20 ministerial meeting here.<br /><br />Mukherjee and finance ministers of rich and developing countries such as China, Brazil, Russia, the US, Japan, Germany and UK are meeting at a time when increasing food and crude oil prices have replaced currency war and the bail-outs, as the burning issues, as highlighted by the World Bank.<br /><br />World Bank highlighted the gravity of rising food prices.<br />"Global food prices are rising to dangerous levels and threaten tens of millions of poor people around the world," its President Robert B Zoellick had said.<br /><br />The World Bank report said that about 44 million people in developing countries have slipped into poverty on account of soaring prices of food items.<br /><br />The global food price index has climbed 15 per cent between October 2010 and January 2011, it said, adding that wheat prices have doubled during the same period.<br />Governments in several countries are battling food inflation, which in India remains in double digit despite moderation in recent weeks.<br /><br />Noting that the global economic recovery is still fragile, Mukherjee said, the ministerial meeting would focus on achieving long-term sustainable growth.<br /><br />"The recovery process from the international financial crisis is still fragile. It was expected that by 2010, most of the countries will recover.<br /><br />"There is strong recovery in North America, particularly the USA, but it is still fragile, particularly in four countries where sovereign debt is very high (and ) are causing problems. These countries are Ireland, Portugal, Spain and Italy," Mukherjee added.<br /><br />Currency war, which was a major issue at G-20 meetings in South Korea last year, will take a back seat this time. The currency war refers to competitive devaluation of currency by certain countries to keep their exports competitive.<br /><br />"I don't think it (currency war) is going to be that prominent in this meeting of the G-20. It was exhaustively and extensively discussed during the last meeting (in South Korea)," Mukherjee said.<br /><br />The G 20 countries collectively account for 85 per cent of the global output and two-third of the world population.</p>