2007–2008 World Food Price Crisis

2007–2008 World Food Price Crisis

World food prices increased dramatically in 2007 and the 1st and 2nd quarter of 2008 creating a global crisis and causing political and economical instability and social unrest in both poor and developed nations. Although the media spotlight focused on the riots that ensued in the face of high prices, the ongoing crisis of food insecurity has been years in the making. Systemic causes for the worldwide increases in food prices continue to be the subject of debate. After peaking in the second quarter of 2008 prices fell dramatically during the Late-2000s recession but increased during 2009 and 2010, peaking again in early 2011 at a level sightly higher than the level reached in 2008. However a repeat of the crisis of 2008 is not anticipated due to ample stockpiles.

Initial causes of the late-2006 price spikes included droughts in grain-producing nations and rising oil prices. Oil price increases also caused general escalations in the costs of fertilizers, food transportation, and industrial agriculture. Root causes may be the increasing use of biofuels in developed countries (see also food vs fuel), and an increasing demand for a more varied diet across the expanding middle-class populations of Asia.

These factors, coupled with falling world-food stockpiles all contributed to the worldwide rise in food prices.

Read more about 2007–2008 World Food Price CrisisDrastic Price Increases, Rising Prices, Effects On Farmers, Unrest and Government Actions in Individual Countries and Regions, Projections, Actions By Governments, Food Price Decreases

Other articles related to "prices, price, food, crisis":

Contango - 2007–2008 World Food Price Crisis
... and a contango market on the Chicago Mercantile Exchange, contributing to the 2007–2008 world food price crisis ...
2007–2008 World Food Price Crisis - Food Price Decreases
... In December 2008, the global economic slowdown, decreasing oil prices, and speculation of decreased demand for commodities worldwide brought about sharp decreases in the price of staple crops from their ... Corn prices on the Chicago Board of Trade dropped from US $7.99 per bushel in June to US $3.74 per bushel in mid-December wheat and rice prices experienced similar decreases ... The UN's Food and Agriculture Organization, however, warned against "a false sense of security", noting that the credit crisis could cause farmers to ...

Famous quotes containing the words price, crisis, food and/or world:

    I cannot think of punishing him ... merely for coveting that liberty for which we have paid the price of so much blood, and have proclaimed so often to be the right, and worthy pursuit of every human being.
    James Madison (1751–1836)

    We can’t afford the wrath of Heaven. We survived a deluge by the skin of our teeth, but an economic crisis would be disastrous.
    Friedrich Dürrenmatt (1921–1990)

    Hume, and other sceptical innovators, are vain men, and will gratify themselves at any expense. Truth will not afford sufficient food to their vanity; so they have betaken themselves to errour. Truth, sir, is a cow which will yield such people no more milk, and so they are gone to milk the bull.
    Samuel Johnson (1709–1784)

    We come into the world laden with the weight of an infinite necessity.
    Albert Camus (1913–1960)