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Food prices face US congressional scrutiny

 Food prices face US congressional scrutiny
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The high price of food is to be the subject of a US congressional hearing. The cost of a loaf of bread has risen 15 percent over the past year with eggs up as much as 25 percent.
The joint House-Senate Economic Committee are to look at the impact of the price hikes on American families.

Food stocks are also to be discussed as more and more citizens request help. Some US retailers are helping to keep stocks up by donating close to sell-by dates products to food banks.

Staple food prices have shot up in the 12 months from March 2007 with wheat going up a massive 130 percent in 12-months. However, the price of rice looks to be falling as countries boost output.

Rice in Thailand, the world’s top exporter, hit around 650 euros a tonne last week, intensifying fears of social unrest in Asia as millions of the region’s poor find themselves unable to afford staple goods.

World Bank President Robert Zoellick estimates 100 million more people will fall into poverty as result of the high food prices.