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Food prices refer to the average price level for food across countries, regions and on a global scale. [1] Food prices affect producers and consumers of food. Price levels depend on the food production process, including food marketing and food distribution. Fluctuation in food prices is determined by a number of compounding factors. [2]
The international market price of wheat doubled from February 2007 to February 2008 hitting a record high of over US$10 a bushel. [92] Rice prices also reached ten-year highs. In some nations, milk and meat prices more than doubled, while soy (which hit a 34-year high price in December 2007 [93]) and maize prices have increased dramatically.
The high food prices have contributed to worldwide protests particularly in Africa. [3] High food prices were also a major factor contributing to the Arab Spring unrest. [4] The deflated FAO food price index reached an all time high in 2012. [5] As a result of a very dry summer in the United States and Europe, corn and soybean prices reached ...
Prices were at or near an all-time high in late 2010 due to people using the precious metals as a safe haven for their money as both the de facto value of cash and the stock market prices became more erratic in the late 2000s. The period from 1999 to 2001 marked the "Brown Bottom" after a 20-year secular bear market at $252.90 per troy ounce. [64]
Global commodity prices fell 38% between June 2014 and February 2015. Demand and supply conditions led to lower price expectations for all nine of the World Bank's commodity price indices – an extremely rare occurrence. The commodity price shock in the second half of 2014 cannot be attributed to any single factor or defining event. [6]
A food price crisis may refer to changes in the food marketplace that result in food prices that interfere with food security. These events can be both local to one country or region, or international involving the whole food system. Recent international events described as food price crises include: 2007–2008 world food price crisis
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In February 2022, the Food and Agriculture Organization (FAO) reported a 20% rise in food prices since February 2021. [11] The war further pushed this increase to 40% in March 2022 but was reduced to 18% by January 2023. [5] But the FAO warns that inflation of food prices will continue in many countries. [12]