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 Crisis: Drastic 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":
... in wheat and a contango market on the Chicago Mercantile Exchange, contributing to the 2007–2008 world food price crisis ...
2008, the global economic slowdown, decreasing oil prices, and speculation of decreased demand for commodities worldwide brought about sharp decreases in the price of ... 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:
“Surely the apple is the noblest of fruits. Let the most beautiful or the swiftest have it. That should be the going price of apples.”
—Henry David Thoreau (18171862)
“The people of the United States have been fortunate in many things. One of the things in which we have been most fortunate has been that so far, due perhaps to certain basic virtues in our traditional ways of doing things, we have managed to keep the crisis of western civilization, which has devastated the rest of the world and in which we are as much involved as anybody, more or less at arms length.”
—John Dos Passos (18961970)
“To say that a work of art is good, but incomprehensible to the majority of men, is the same as saying of some kind of food that it is very good but that most people cant eat it.”
—Leo Tolstoy (18281910)
“Whatever harsh criticisms may be passed on the construction of her sentences, she at least possesses that one touch of vulgarity that makes the whole world kin.”
—Oscar Wilde (18541900)