I believe I've said this a dozen or so times already, but every Civ players owns it to him- or herself to figure out what is happening in the City Screen. Because not reconfiguring your citizen workforce to maximize output, not knowing how a city grows (and starves) and being unable to understand what yields the city is collection is crippling any attempt at improving ones game! Learning and eventually mastering the game all starts on the City Screen.
So the homework for you Sreyas73 is to open up the City Screen and figure out just how much

your cities are collecting every turn, how much is eaten by your citizens and what happens with the surplus. Because this will tell you why your cities are starving. Because its not any random event or anything - you're simply not managing your cities and planning your growth.
To answer your question though: No, starvation carries no other penalty than that the city will shrink when all the stored food (see if you can find where this is indicated on the City Screen) is used up. This can in fact be viewed as a good thing, as starvation could be triggered by unhealthiness (wasting some

that could have fed another population point), or unhappiness (making some citizens unwilling to work the land and thus not supplying the necessary

). Once the city shrinks the city will in fact become healthier and happier, as both penalties are dependent on city size (well, mostly anyway).
And I understand that this is just your second game and that the game can be very overwhelming at first. But there aren't as many mysteries as it may seem at first, and you will eventually figure these things out. Once you've figured the interface out and can orient yourself in the different advisors and whatnot, you will want to take the plunge and actually learn to play the game. Then the first order of business is to start using the City Screen actively. It holds no mysteries to players who have done their homework, and actually contains most of the information and tools you need to govern your civilization - city by city.
And we'll be right here helping you along, all the way.
If you have problems interpreting something, take a screen shot (hit the Print Screen key and fetch the image in the My Game folder inside your My Documents) and post here. Most of the time it will be easy enough to explain what you're looking at.