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Resurgent food prices, which rose by 10 per cent on average in many regional economies in Asia this year, can push an additional 64 million people into extreme poverty, an Asian Development Bank report says.
The study, ‘Global Food Price Inflation and Developing Asia', by the multilateral lending agency, finds that a 10 per cent rise in domestic food prices could push an additional 64 million people into extreme poverty, based on the $1.25 a day poverty line. “For poor families in developing Asia, higher food prices further reduce their ability to pay for medical care and their children's education,” Chief Economist, Mr Changyong Rhee, said.
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