US, EU responsible for 'explosive' food prices: UN
UN Special Rapporteur on the right to food, Jean Ziegler, called for a five-year moratorium on the production of bio-fuels.
Jean Ziegler held fuel policies pursued by the US and the EU to be main causes for the current worldwide food crisis.
Last year, the US used a third of its corn crop to create bio-fuels, while the European Union is planning to have 10 per cent of its need supplied by bio-fuels, he said and called for a for a five-year moratorium on the production of bio-fuels.
Ziegler also said that speculation on international markets was behind 30 per cent increase in food prices. Besides, hedge funds are also making huge profits from raw materials markets and called for new financial regulations to prevent such speculation.
The Special Rapporteur, in a press conference, warned of worsening food riots and a "horrifying" increase in deaths by starvation.
Meanwhile, speaking in Rome, a nutritionist with the UN World Food Programme (WFP), said that "global price rises mean that food is literally being taken out of the mouths of hungry children whose parents can no longer afford to feed them."
Families in the developing world are "finding their buying power has been slashed by food price rises, meaning that they can buy less food or food which isn't as nutritious," he added.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.