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G8 set to warn oil, food price shock endangers world economy

AFP , Osaka
World finance chiefs are set to warn Saturday that soaring food and oil prices threaten the global economy, and some blame could fall on the weak dollar.
The officials from the Group of Eight (G8) rich nations held setpiece talks on the last day of their meeting as concerns grow about the economic damage from a doubling of food costs in three years and sky-high oil prices.
The G8 joint statement due later Saturday in the western Japanese city of Osaka may not mention the dollar.
But the ministers likely talked about the currency as its weakness can stoke the dollar price of commodities and inflation.
A G8 source said the group would warn in the communique that high oil and food prices pose serious risks to global economic growth, the fight against poverty and inflation.
"Elevated commodity prices, especially of oil and food, pose serious challenges to a stable growth worldwide, have serious implications for the most vulnerable and may increase global inflationary pressures," according to a draft version of the statement.
"These conditions make our policy choices more complicated," it said, adding the G8 powers would stay vigilant and try to ensure economic stability and growth. The source providing the information asked not to be named.
The G8 was also expected to call on energy producing
nations to boost their oil production capacity to help rein in crude oil prices, which surged in June to nearly 140 dollars per barrel and are up fivefold since 2003.
The cost of fuel has led to protests worldwide, ranging from tens of thousands of truck drivers striking in Spain and Portugal, to street rallies throughout Asia over hikes in subsidised energy prices.
Protests over food prices have included riots in Egypt, Haiti and other nations. Amid the mounting anger, a UN food summit earlier this month pledged "urgent" action and some 6.5 billion dollars in aid to fight the crisis.
The G8 powers discussed the higher prices at a dinner Friday with officials from Australia, Brazil, China, South Africa, South Korea and Thailand, and the heads of the World Bank and International Monetary Fund.
The officials shared the view that the problem had become a huge challenge and serious threat to developing countries, especially for the poor, according to a Japanese finance ministry official who wished to remain anonymous.
The rise in commodity prices also comes as the US also battles a sharp slowdown sparked by a mortgage default crisis that ballooned into a global credit crunch. But the oil and food price shock has become the key worry.
IMF head Dominique Strauss-Kahn said Friday on the sidelines of the meeting that the worst of the credit crisis appeared over, while warning inflation was once again a serious problem.