"We recognise that the proper functioning of agricultural markets (has) wide social ramifications," the bank said in its annual social responsibility report. It said it was "concerned by the growing number of people who find themselves in food poverty". "Therefore, as we continue to examine the matter, we intend to proceed with caution and we will refrain from launching new staples-based public exchange-traded products this year," the bank said. The Group of 20 industrial and developing nations pledged last year to take action on rampant food price inflation and curb the influence of speculative investors. "We agree with international policymakers that transparency in agricultural commodity derivatives markets should be enhanced and measures to avoid misconduct strengthened," Deutsche Bank said in its report. But it argued that other factors were also behind rising prices of crucial staples including growing demand, trade restrictions and state subsidies. Activists have targeted "commodity index funds" by Deutsche Bank and Goldman Sachs as key culprits in the volatility of food prices around the world. In response to Deutsche Bank's announcement, Matthias Wolfschmidt, deputy director of the German NGO Foodwatch, called on the bank to renounce its existing food community products and pledge a lasting ban.