Date:04/11/2007 URL: http://www.thehindu.com/2007/11/04/stories/2007110461201400.htm

National

Zoellick, Manmohan express concern over rising oil, food prices

Special Correspondent

NEW DELHI: World Bank President Robert B. Zoellick and Prime Minister Manmohan Singh on Friday expressed concern over the spiralling crude oil and food prices in international markets and the adverse impact it would have on the people and the country’s economy.

Referring to his meeting with Dr. Singh at a press briefing here on Saturday, Mr. Zoellick said: “Both the Prime Minister and I independently expressed concern about some of the effects of continuing high oil prices and high food prices.”

One of the ways of facing the problem of soaring oil prices, Mr. Zoellick said, would be to improve energy efficiency and that by itself would also help in tackling issues concerning global climate change. As for the rising prices of food and other commodities in the global market, the World Bank chief noted that while the high prices would be beneficial to farmers, it would also mean increase in prices for consumers.