Summit says soaring oil, food prices threaten economy

The map will replace this text. If any users do not have Flash Player 8 (or above), they'll see this message. Leaders of the Group of Eight (G8) powers warned on Tuesday that soaring oil and food prices pose a "serious challenge" to world economic growth, calling for boosted crude production capacity. "The world economy is now facing uncertainty and downside risks persist," the G8 said in a joint statement. "We express our strong concern about elevated commodity prices, especially of oil and food, since they pose a serious challenge to stable growth worldwide, have serious implications for the most vulnerable and increase global inflationary pressure," the statement said. "We are determined to continuously take appropriate actions, individually and collectively, to ensure stability and growth in our economies and globally,"... [read full story]