The New Nation - Internet Edition

AP, Rusutsu

Leaders from the Group of Eight industrialized powers are deeply concerned about rising oil and food prices but remain positive about the outlook for the global economy, they said in a communique released Tuesday.

Saying that surging oil prices pose a risk to the world economy, the G-8 leaders urged that production increase in the short term and refining capacities be increased and that investment be boosted over a longer period.

They also called for further efforts in improving energy efficiency and diversifying energy sources.

"We express our strong concern about elevated commodity prices, especially of oil and food, since they pose a serious challenge to stable growth worldwide, have serious implications for the most vulnerable, and increase global inflationary pressure," the communique said.