World Bank says food prices to stay high
Date: Tue May 20, 2008
Sourced: UK Reuters
SINGAPORE (Reuters) - The World Bank warned on Tuesday that it expects the cost of staple foods such as rice to stay high for years but said the world's food markets were intact and needed no intervention.
"This is not a few weeks, few months thing. It could be two or three years," World Bank Managing Director Juan Jose Daboub told reporters after a speech at a Singapore university.
He said global food markets were working and had not lost their ability "to fix themselves". "It's better to have an imperfect market than a perfect bureaucrat deciding for others.
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