Oxfam warns that another 100 million people may be forced into poverty by rising food prices, as well as the additional 400 million identified in the new report.
World Bank findings come as the OECD has reported that many rich countries have cut back on their foreign aid budgets, with little sign that the pledge made at the G8 summit at Gleneagles in 2005 to double aid to Africa by 2010 is being met.
The 's new poverty line of $1.25 per day in 2005 is equivalent to its $1 per day poverty line introduced in 1981 after adjustment for inflation. The data has also been revised on the basis of new data on inflation and prices from the 2005 ICP survey of world prices, which showed that the cost of living in developing countries was higher than previously thought. It does not take into account the recent increases in fuel and food prices.
[By Steve Schifferes, BBC]