PEM looks at research by international economic bodies to examine the background to the rising prices and assess mplications for Malaysia and Penang, based on consumption patterns in the region.
INTERNATIONAL BODIES INCLUDING the G-20, the FAO, the IEA, the IMF and the IBRD are worried1. These agencies rang the alarm bells recently, stating that rising commodity prices – in particular food and energy prices – have reached crisis levels, and are calling for immediate national as well as international action. Food and energy prices have been creeping up since 2000, reached crisis level in 2008, receded sharply during the recent global financial crisis, but surged again since late 2010. Sensationalist reporting by national and international media has already painted doomsday scenarios, pointing to various leaders forced out of office because of riots instigated by rising food and energy prices.
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