IMF warns fuel, oil prices leading to 'tipping point'
Updated
The International Monetary Fund is warning that some countries are at what it calls "a tipping point" because of rocketing oil and food prices.
Our Washington correspondent, Kim Landers, reports the IMF is warning that if food prices rise further and oil prices stay the same, some governments won't be able to feed their people and maintain stable economies.
A new report shows poorer countries are having to pay out billions of dollars extra for imported oil and foodstuffs.
But Thomas Helbling from the IMF's research department says other countries, particularly commodity exporters, are benefiting from the higher prices.
"Australia and new Zealand where particularly in the case of Australia there have been tremendous terms of trade gains over the last few years," he said.
The IMF says it's ready to help countries in need.
