|Economists say the rise in staple foods is partly due|
to the record oil prices [EPA]
Fuel prices double on the first day of the year in Jordan while other countries in the region study the possibility of doing away with subsidy on basic commodities.
As the prices of wheat and soy beans almost doubled during 2007, economists say the unprecedented rise in staple foods since the second world war, is due to a combination of reasons including the record oil prices, which shifted one third of the US farmers out of cereals to grow biofuel crops.
Is the world climate change that led to a significant reduction in world's grain supply and stockpile. Another factor is the sharp decline of the US dollar, the world's dominant currency.
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Source: Al Jazeera