"There are concerns... about the very significant changes in energy and food prices. This is a global concern... and it is having a profound impact." It was attributed, partly, to the conversion of crops into biofuels, but mainly to global climate change.

"There is very significant climate change, certainly in parts of the wheat producing regions of Australia, for instance. So corn prices and wheat prices have driven a phenomenal change, and I think it's cut across all foodproduction partly because of the inter-connectiveness.

"You need corn or maize... to feed the cattle as well, so prices rise and it has an impact not just on the people who have maize as a staple, but also meat products. This is one of the areas we're-expressing deep concern about," he said.

The G-20 comprises Argentina, Australia, Brazil, Canada, China,France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States of America. The European Union is also a member. Together, these countries represent about two-thirds of the world's population, and contribute 90 percent of its gross domestic product.

In a "communique" document issued at the end of its meeting, the G-20 noted there was a "likely" slowdown in global economic growth, though this was expected to be modest. "While the slower pace of growth is expected to moderate pressures on capacity and resources, rising energy and food prices will remain an important source of price pressures.

"Monetary authorities in G-20 countries will need to assess
carefully the inflation outlook in light of both tight conditions in commodity markets and the downside risks to growth," it warned.

Referring to the G-20's discussion on global economic growth, Manuel acknowledged the meeting had taken place at a time of "relative uncertainty" in world markets. "There are huge fluctuations in exchange rates, there are huge
global imbalances and a fair amount of uncertainty."

However, the global economy would continue to grow, and "emerging markets will be exceedingly important to this growth going forward", he said.

The communique said the forum had agreed that an "orderly unwinding" of global imbalances was a shared responsibility. It involved: -- Steps to boost national saving in the United States, including continued fiscal consolidation; -- Further progress on growth-enhancing reforms in Europe; -- Further structural reforms and fiscal consolidation in Japan; -- Reforms to boost domestic demand in emerging Asia, together with greater exchange rate flexibility in a number of "surplus" countries;
and,-- Increased spending consistent with absorptive capacity and macro-economic stability in oil-producing countries.

Aiming to develop policies that promote "high and sustainable growth" of the world economy, the G-20 meets once a year.