"We have to put our money where our mouth is now, so that we can put food into hungry mouths. It is as stark as that," World Bank President Robert Zoellick said at the end of a meeting of the IMF and World Bank's Development Committee.
Zoellick and British Prime Minister Gordon Brown have said the issue of skyrocketing food prices needs to be front and centre at the highest political levels.
While Brown said he would raise it at an upcoming meeting of the Group of Eight powerful nations, Zoellick said that would be too late. "Frankly speaking, that G8 meeting is in June and we cannot wait," he told a news conference.
Concerns about food costs took on new urgency as senators in Haiti ousted the prime minister after a week of food-related rioting in which at least five people died. There have also been protests in Cameroon, Niger and Burkina Faso in Africa, and in Indonesia and the Philippines.
In just two months, rice prices have shot up around 75 percent, closing in on historic highs. Meanwhile, the cost of wheat has climbed by 120 percent over the past year, more than doubling the price of bread in most poor countries.
The problem is most worrying in developing countries where food represents a larger share of what consumers buy. It threatens to sharply increase malnutrition and hunger, while reversing progress in reducing poverty and debt burdens among the poorest nations.
GLOBAL CONTAGION
Indian Finance Minister Palaniappan Chidambaram said rising food costs threatened to stir more social unrest.
"It is becoming starker by the day that unless we act fast for a global consensus on the price spiral, the social unrest induced by food prices in several countries will conflagrate into a global contagion, leaving no country - developed or otherwise -unscathed," he said.
