Soaring
Food Prices
¥Mid-2006 to mid-2008: world grain and
soybean prices roughly tripled
¥Global impact, but the poor were most
affected
–Poorest
often spend 50-70% of income on food
–For
low-income people in developing countries buying grain
directly, if the price of grain triples, so does their grocery bill
¥Took worst economic crisis since Great
Depression to ease prices, but they remain well above
historical levels
Wheat
Prices (CBOT)
Rice Prices
(CBOT)
Source:
futures.tradingcharts.com
Soaring
Food Prices