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Publication Details
AFRICAN RESEARCH NEXUS
SHINING A SPOTLIGHT ON AFRICAN RESEARCH
agricultural and biological sciences
Three bubbles and a panic: An explanatory review of recent food commodity price events
Food Policy, Volume 34, No. 2, Year 2009
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Description
This paper is a summary of the behaviour of food commodity prices in 2007-2008 and a review of the causes of the price increases, extracted from a report to the Chief Scientific Advisor to Her Majesty's Government [Thirtle, C., Piesse, J., 2008. An Explanatory Review of the World Food Commodity Price Events of 2007-2008. A Report to the Chief Scientific Advisor. Department for Innovation, Universities and Skills, London]. The historical background shows that the price spike was much less severe than in the 1970s. The conventional wisdom that prices of the main food commodities were falling prior to 2006 is questioned. Most ceased falling and were quite stable from the 1980s. The paper separates the causes of the spike from the underlying changes driving the long run trends. The literature on the causes of the spike is critically reviewed and summarised. There is a reasonably broad consensus on most of the causes, but much less on the impact of the depreciation of the US Dollar. There are also concluding speculations on the future. © 2009 Elsevier Ltd. All rights reserved.
Authors & Co-Authors
Piesse, Jenifer
United Kingdom, London
King's College London
South Africa, Stellenbosch
Stellenbosch University
Thirtle, Colin G.
United Kingdom, London
Imperial College London
South Africa, Pretoria
University of Pretoria
Statistics
Citations: 326
Authors: 2
Affiliations: 4
Identifiers
Doi:
10.1016/j.foodpol.2009.01.001
ISSN:
03069192
Research Areas
Food Security