2010–2012 world food price crisis

October 2022 thumb|323px|right|Fertilizer prices 1992-2022. #00A2FF solid 3px DAP #61D836 solid 3px Potassium chloride #929292 solid 3px Phosphorite #F8BA00 solid 3px Triple Superphosphate #FF2600 solid 3px Urea thumb|323px|right| #00A2FF solid 4px Food Price Index #FF2600 solid 3px Oils #F8BA00 solid 3px Cereals #929292 solid 3px Dairy #61D836 solid 3px Meat #D41876 solid 3px sugar 323px|thumb|right|Brent Crude oil spot prices since 1987. A correlation exists between oil prices and the world Food Price Index. Following the 2007–2008 world food price crisis and a short lull in high prices during 2009, food prices around the world again started to rise in 2010.Johnson Toni Troszczynski Albert http://www.cfr.org/food-security/food-price-volatility-insecurity/p16662 Food Price Volatility and Insecurity 16 January 2013 Council on Foreign Relations 8 July 2018 https://web.archive.org/web/20170407132804/http://www.cfr.org/food-security/food-price-volatility-insecurity/p16662 7 April 2017 en To reduce the volatility of food markets and increase market transparency, several measures were considered at the G20 summit in 2010. One of the outcomes was the establishment of the Agricultural Market Information System (AMIS) in 2011. In April 2011, the World Bank warned that the global economy was "one shock away" from an impending full-scale food price crisis.World Bank head warns of food price crisis https://www.bbc.co.uk/news/av/business-13110449 20 July 2011 BBC News 17 April 2011 The high food prices have contributed to worldwide protests particularly in Africa.Sneyd Lauren Q. Legwegoh Alexander Fraser Evan D. G. 18 June 2013 Food riots: Media perspectives on the causes of food protest in Africa Food Security en 5 4 485–497 10.1007/s12571-013-0272-x 17327299 1876-4517 High food prices were also a major factor contributing to the Arab Spring unrest.https://www.scientificamerican.com/article/climate-change-and-rising-food-prices-heightened-arab-spring/ Climate Change and Rising Food Prices Heightened Arab Spring Perez Ines 4 March 2013 Scientific American 8 July 2018 ClimateWire en The deflated FAO food price index reached an all time high in 2012.https://www.fao.org/worldfoodsituation/foodpricesindex/en/ FAO Food Price Index Food and Agriculture Organization 3 October 2022 As a result of a very dry summer in the United States and Europe, corn and soybean prices reached all-time highs in July 2012 and prices remained high throughout 2012 One reason for the increase in food prices may be the increase in oil prices at the same time, leading to increased demand for and production of biofuels. For example, the use of maize (corn) for ethanol fuel production rose from 15% of total U.S. maize production in 2006 to 40% in 2012. Over the next years, prices fell, reaching a low in March 2016 with the deflated FAO food price index close to pre-crisis level of 2006. References Agriculture Food Economics Category:2010s in economic history Category:2010 in economic history Category:2011 in economic history Category:2012 in economic history Category:Food politics