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By Shimelse Ali , Vera Eidelman | ||
International Economic Bulletin, April 21, 2011 Though global food prices have now passed the record highs reached in 2008, important differences between the two surges have prevented today’s crisis from having as severe of an impact on the world’s most vulnerable populations. | ||
Several of the factors behind today’s increase parallel those that drove the 2007/2008 food-price crisis—including export controls, biofuels production, high oil prices, and poor harvests. But the prices of cereals, particularly rice, have increased less than in 2008 and domestic prices in some of the world’s poorest countries have actually fallen amid better local harvests. The lower incidence of harmful policy responses, which amplified the crisis last time, likely helped as well. Although these factors have lowered the surge’s impact, prices are likely to remain elevated and volatile for the next few years. Policy makers must heed the lessons of the past if they are to prevent more hunger now. |