World Bank says food prices to stay high for years

Residents carry sacks of cheap food that were for sale in Jakarta May 17, 2008. REUTERS/Dadang Tri

Residents carry sacks of cheap food that were for sale in Jakarta May 17, 2008.

Credit: Reuters/Dadang Tri

SINGAPORE | Tue May 20, 2008 2:04am EDT

SINGAPORE (Reuters) - The World Bank warned on Tuesday that is expects the cost of staple foods such as rice to stay high for a number of years.

World Bank Managing Director Juan Jose Daboub told reporters that the recent spike in food prices was not a short-term, temporary phenomenon that would go away within months.

(Reporting by Jan Dahinten & Koh Gui Qing)
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