Surging global food prices are not a temporary phenomenon and prices are likely to stay well above 2004 levels through 2015 for most crops, the World Bank said on Wednesday.
In a paper prepared for weekend meetings of world finance leaders in Washington, the World Bank said food prices are set to remain high in 2008 and 2009, and then decline as supply and demand respond to high prices.
The Bank suggested that the best option to address domestic food insecurity is for countries to reduce tariffs and taxes, which could provide some relief to consumers, albeit with some fiscal costs.
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