"Excessive volatility in commodity prices, particularly those for food and energy, poses new risks for the ongoing recovery of the world economy," said the joint statement released after BRICS Summit said here.
The declaration also highlighted issues concerning excessive capital flows to emerging nations. "We call for more attention to the risks of massive cross-border capital flows now faced by the emerging economies", it added.
The statement was issued after the Summit, which was attended by Indian Prime Minister Manmohan Singh, Russian President Dmitry Medvedev, Chinese President Hu Jintao, Brazil`s Dilma Rousseff and South Africa`s Jacob Zuma.
BRICS which is a grouping of Brazil, Russia, India, China and South Africa represents 3 billion people from different continents of the world and account for 18 per cent of the global GDP.
Early this week, the International Monetary Fund (IMF) too had warned that rising food and commodity prices pose a threat to poor households, adding to social and economic tensions, notably in the Middle East and North Africa.
"The international community should work together to increase production capacity, strengthen producer-consumer dialogue to balance supply and demand, and increase support to the developing countries in terms of funding and technologies", it added.
BRICS also called for a mechanism to address the problem of inadequate reliable and timely information on demand and supply at international, regional and national levels.
"The BRICS will carry out closer cooperation on food security," the statement added.
Noting the world economy still faces "uncertainties", the declaration, stressed that the international community needed to step up efforts to reduce distortion, further regulate financial market and promote sound banking systems.
Major economies of the world, the declaration said, "should continue to enhance coordination of macroeconomic policies and work together to achieve strong, sustainable and balanced growth."