Severe weather due to suspected climate change has caused the cost of many whole foods to soar to record highs this summer, making basic staple foods like grain and sugar a luxury in parts of Africa and the Middle East. The cost of corn and soybeans, for example, jumped by 10 percent in July.

A new analysis released by the World Bank this week found that droughts and dry weather in the United States, Russia and India has killed off an abundance of crops that would normally be shipped out across the globe. The drop in supply has doubled the price of corn over the last two years to $300 per metric ton.

In poor countries like Malawi, the result of this sharp rise in food prices is that some households are spending nearly half their income on staple foods. If the dry temperatures continue, the Malawi Vulnerability Assessment Committee projects more than 1.6 million Malawi people will be unable to feed themselves by March of next year.

As poorer populations suffer from the food crisis, a report by MarketWatch says that banks like Barclays are profiting from it. The British bank has made about a half billion pounds in two years from speculating on the price of basic foods like wheat, according to the report.

The bank, however, has denied any wrongdoing, saying that future trading on food commodities helps farmers and bankers manage the risk of falling or soaring prices.

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