OSAKA — The Group of Eight finance chiefs pledged Saturday to tackle the economic risks posed by soaring oil and food prices that are threatening global growth, which is already being hampered by the U.S. subprime mortgage loan crisis.
High oil and food costs are a serious threat to the global economy, the G8 finance ministers said in a concluding statement released after their two-day meeting in Osaka.
Inflation has now replaced the credit squeeze as economic enemy No. 1, they said.