G7 to tackle soaring oil, food prices next week
Thursday, 5 June 2008
TOKYO, June 4 (AFP): Finance chiefs from the Group of Seven rich nations will discuss ways to try to rein in soaring oil and food prices when they meet next week, Japan's finance minister said today.
But with growing demand, supply uncertainties and investment inflows all driving commodity prices higher, the G7 may not be able to come up with measures "to reduce them overnight", said Fukushiro Nukaga.
Finance ministers and central bank chiefs from Britain, Canada, France, Germany, Italy, Japan and the United States will gather in the western Japanese city of Osaka for a two-day meeting starting from June 13. Nukaga said high oil prices would hurt the economy.
But with growing demand, supply uncertainties and investment inflows all driving commodity prices higher, the G7 may not be able to come up with measures "to reduce them overnight", said Fukushiro Nukaga.
Finance ministers and central bank chiefs from Britain, Canada, France, Germany, Italy, Japan and the United States will gather in the western Japanese city of Osaka for a two-day meeting starting from June 13. Nukaga said high oil prices would hurt the economy.