Pricey rice: The World Bank has warned that the cost of staple foods such as rice is likely to remain high for some years, though it cautioned against intervening in the food market.

Speaking in Singapore, World Bank Managing Director Juan Jose Daboub said high food prices could remain so for two or three years, but said the world's food markets were working and could still fix themselves.

"The key element in any longer-term solution will be to increase global food production," he said.