¥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