Causes & Implications of the Food Price Surge

Abstract

This paper analyzes the food price surge of 2005 to 2008 in order to better understand the factors causing higher and more volatile food prices during this period, to ascertain the relative importance and possible persistence of the different factors, and to suggest possible implications for future market behavior and policy reactions. Prepared for the UN Department of Economic and Social Affairs as a contribution to the United Nations World Economic Situation and Prospects 2009.