Since early 2010, global food and oil prices have been on a sustained and synchronized upward trend. According to a recent survey by the United Nations, it is estimated that oil price increases will reduce growth in some developing Asia-Pacific economies, as well as putting pressure on inflation and adversely affecting current accounts. High oil prices will increase costs for domestic industry and push up the price of imports and reduce demand for exports. Food prices have increased by up to 35%. While adverse climatic conditions have affected supply in many countries, increasing conversion of food crops into biofuels, export bans, and heightened speculative activity in food commodities have exaggerated the price surge. Rising food prices are having dire effects on the poor, and reserving hard won development gains. Due to the higher food and energy prices, up to 42 million additional people across Asia and the Pacific may remain in poverty in 2011 in addition to the 19 million already affected in 2010. In the worst-case scenario, in which food price inflation doubles in 2011 and the average oil prices rises up to 130$ per barrel, achieving the Millennium Development Goal for many least developed countries would be postponed for at least a half decade.