During the Asian Development Bank’s annual meeting that took place in Spain, leaders from Asia warned that the growing food prices are likely to push millions of people throughout the continent into poverty and cause social unrest.

More than a billion vulnerable people became seriously affected by the food prices surge, as they spend around 60 percent of their total spending on food. Energy and food account for as much as 75 percent of the average total expenditure basket.

The late sharp increase in food prices, especially rice and other cereals, was caused by a variety of factors, including the rising energy prices that are resulting in higher prices of fertilizers and fuels and the lower food stocks, sparked by unfavorable weather.

The leaders of the developing Asia and the Pacific countries are now worried that the recent hike in food prices could cause social revolts, which could hit the national safety, as there already have been riots in Egypt and Haiti last month as well as protests and restrictions on food exports in Brazil, Vietnam and India.

While the price of rice has risen to a triple value compared to last year, meat’s value jumped by 60 percent in Bangladesh in the year ending in March 2008, by 45 percent in Cambodia and by 30 percent in the Philippines, a report issued on Saturday by the ADB. According to this study, around one billion people in Asia are seriously affected by the rising food prices.

The ADB said on Saturday that it plans to provide soft loans in order to help the ailing countries to subsidise the food prices for the poor and vulnerable. In addition, it announced that it would offer two billion dollars in 2008 and 2009 in loans for investment in agriculture infrastructure projects.