Soaring energy and food prices have exacerbated global economic uncertainties, Japan's finance minister said Wednesday, and will be among the key topics discussed at the Group of Eight finance ministers meeting later this month. Food prices have risen worldwide in recent months due to a combination of high oil prices, growing demand, extreme weather, higher biofuel production and speculation. That's triggered protests in parts of Africa and Asia and has raised fears of widespread malnutrition and economic instability. G8 officials will need to hammer out ideas to encourage consumer countries to curb demand as well as enhance agricultural and energy productivity, Fukushiro Nukaga said. “At the G8 meeting in Osaka, we may not see results overnight, but we hope to discuss measures to tackle the issues,” he said. If expecations for inflation rise, that could make it hard to steer macroeconomic policy, he said.
