The leaders of the Group of Eight (G8) nations on Tuesday expressed "strong concerns" about the sharp rise in oil and food prices, which they said poses risks to the global economy.

"we express our strong concerns 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," said a statement released after the G8 summit working session on Tuesday.

The leaders from the United States, Germany, Japan, France, Canada, Italy, Britain and Russia are meeting at Japan's resort Toyako for a three-day summit which opened Monday.

The leaders admitted that the world economy is now facing uncertainty and downside risks persist, but they remain positive about the long-term resilience of G8 economies and future global economic growth.

Emerging market economies are still growing strongly though the G8 nations' growth has moderated, said the statement.

The leaders said that they are determined to continuously take appropriate actions, individually and collectively, to ensure stability and growth in their economies and globally.

Financial market conditions have improved somewhat in the past few months, but serious strains still exist, the statement said.

In the statement, the leaders also said that they will resist protectionist pressures against international trade and investment in all its manifestations.