- Tuesday | 04 Mar, 2014
- Abid Qaiyum Suleri
- Research Reports,Project Publications
By: Abid Qaiyum Suleri
The recent global food shortage hit with little warning and plunged an extra 75 million people into poverty and food insecurity (FAO 2008a). The reasons for this food crisis varied from country to country, but everywhere it was accompanied by high food prices, steadily rising since 2000. The impact of these escalated prices became most visible during late 2007 when the price of corn rose by 31 percent, rice by 74 percent, soya by 87 percent and wheat by a massive 130 percent in a single year, March 2007-March 2008 (UNDP 2008). In the case of wheat, the price of a ton of the commodity climbed from US $105 in January 2000, to $167 in January 2006, to $481 in March 2008.