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The Blame Game: Who is Behind the World Food Price Crisis?

July 1, 2008

World prices for basic staples have skyrocketed―up 83 percent compared to three years ago―while hunger and destitution reaches record levels. Corn registered a 31 percent increase between March 2007-2008, rice 74 percent, soya 87 percent and wheat a whopping 130 percent. Policy makers and media continue to place blame for skyrocketing prices on a variety of factors, including high fuel costs, bad weather in key food producing countries, and the diversion of land to biofuels. Increased emphasis, however, has been placed on a surge in demand from emerging economies―for instance, from the middle classes of India.