Price of Food

Since 2007, the Price of Food has become a major issue around the world. In the United States the price of wheat doubled between 2007 and 2008, reaching an all time high of $10 a bushel. In many countries milk, meat, coffee, soy, and corn have all either doubled in price, reached all time highs, or increased significantly in price in the last year. The United Nations has predicted that prices will continue to rise with cereals in Europe increasing in price by as much as 58% by July of 2008. The high prices and shortages have already led to riots, protests, and violence most notably in Haiti, Burkina Faso, Ivory Coast, and Egypt. The causes of the dramatic price increases is still under debate, but poor harvests, changing global demands, increasing populations, and increased production of biofuels are commonly cited. Fast Facts:

1. Price of wheat in the United States doubled between 2007 and 2008
2. Wheat reached an all time high of $10 a bushel in the United States in 2008
3. Rice and coffee reached a 10 year high in the United States in 2008
4. Milk and meat have more than doubled in many countries
5. Soy has reached a global 34 year high
6. Riots and protests have broken out in several places around the world

Causes:

1. Successive poor harvests
2. Increased demand for wheat in China
3. Increasing global populations
4. Increased production of biofuel
5. Global production has decreased since 2006
6. High tariffs and export bans

• YouTube Video: IMF Chief Voices Food Fears (Time: 2:06)
• Google News: Price of Food
• The New York Times: U.N. Urges Changes to Feed Poor, Save Environment (April 16, 2008)
• BBC News: Steep Rise in Chinese Food Prices (April 16, 2008)
• BBC News: North Korea 'Faces Food Crisis' (April 16, 2008)
• BBC News: UN Calls for Farming Revolution (April 15, 2008)
• Forbes: Food Shortage Rises With Prices (April 15, 2008)
• CNN: U.S. to Give $200M in Food Aid (April 14, 2008)
• ABC News (Australia): Food Riots 'An Apocalyptic Warning' (April 14, 2008)
• allAfrica: Food Price Increases Make for Hand-to-mouth Existence (April 14, 2008)
• Washington Post: Objects on Your Plate May Be Smaller Than They Appear (April 13, 2008)
• BBC News: Rice Prices 'to Keep on Rising' (April 11, 2008)
• BBC News: Hoarders Blamed for Philippine Rice Crisis (April 11, 2008)
• The Guardian: Costly Food Fans Poverty Across Poor Nations (April 10, 2008)
• Reuters: Arabs Without Oil Hard Hit by Food Price Spiral (April 3, 2008)
  • "While Gulf Arab oil producers reap windfall earnings, their poorer cousins elsewhere in the Arab world are struggling with soaring energy and food bills."
• The Economic Times (India): World Foodgrain Stocks Down... (April 10, 2008)
• FAO Newsroom: Measures Required to Reduce Impact of High Food Prices (April 9, 2008)
• BBC News: Wheat Breaks Through $10 a Bushel (December 17, 2007)

• The Guardian: World Bank: Rocketing Food Prices Have... (April 10, 2008)
• Forbes: World Bank Says Poor Countries Need $500 Million to Offset Food Prices (April 10, 2008)
• VOA News: World Bank Warns High Food Prices Could Reverse... (April 9, 2008)
• The Christian Science Monitor: Price Shock in Global Food (April 7, 2008)
  • "The UN International Fund for Agriculture predicts food riots will become common on the world scene for at least a year. The World Bank says 33 countries face unrest from higher prices in both food and energy."
• US News and World Report: The Growing Food Cost Crisis (March 7, 2008)