“The world could face a new food crisis of the kind seen in 2007-2008 if countries resort to export bans, the U.N.’s food agency warned on Thursday, after reporting a surge in global food prices due to a drought-fueled grain price rally.
A mix of high oil prices, growing use of biofuels, bad weather, restrictive export policies and soaring grain futures markets pushed up prices of food in 2007/08, sparking violent protests in countries including Egypt, Cameroon and Haiti.
Concern about extreme hot and dry weather in the U.S. Midwest sent corn and soybean prices to record highs last month, driving overall food prices higher again and reversing the Food and Agriculture Organization’s expectations for steady declines this year.”
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