Tighter credit for farmers could worsen a global food crisis as smaller crop sizes cause prices to soar. Many farmers have traditionally bought pre-season supplies such as seeds and fertilizer on credit and then paid off the debt with the proceeds from the year’s harvest. But with a growing number of farmers unable to obtain the credit they need, crop yields will suffer.

Tucking into vol-au-vents stuffed with mozzarella, delegations from 162 countries gathered in Rome this week to attempt to map a way out of the current global food crisis.

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The United Nations announced yesterday (Wednesday) that an additional $20 billion would be needed each year to combat global hunger.

U.S. consumer prices rose less than forecast in the month of April, assuaging some inflation fears, but food prices experienced their biggest jump in 18 years.

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Rice has now shot up 75% in the last two months alone. Corn is up 30% this year. Wheat has managed 120% gains over the past 12 months.

With staple foods racing to record high prices, the world’s poor are feeling the pinch of the global food crisis. But the effects are not limited to the third world. Costco stores in northern California are imposing limits on buying of oil, flour, and rice reported a recent article in the NY Sun.

Forget the credit crunch for a moment. We are now in the early stages of a global “food crunch” that could have far more serious consequences. Take a look at the price of rice, a global food staple that feeds half the world.