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The international market price of wheat doubled from February 2007 to February 2008 hitting a record high of over US$10 a bushel. [92] Rice prices also reached ten-year highs. In some nations, milk and meat prices more than doubled, while soy (which hit a 34-year high price in December 2007 [93]) and maize prices have increased dramatically.
With the onset of the Great Recession, reduced demand for oil caused the price to fall to $39 per barrel in December 2008. [4] The 2007–2008 world food price crisis saw corn, wheat, and rice go up by a factor of three when measured in US dollars.
The market became rather bearish as non-futures prices froze and stagnated in December 2007. [18] The price of wheat reached record highs after Kazakhstan began to limit supplies being sold overseas in early 2008, but had slowed down by late 2008. Food riots hit Egypt on 12 April 2008, as national bread prices rose rapidly in March and April ...
It records the development of world market prices of 24 agricultural commodities and foodstuffs from five major food commodity groups. ... 2007 94.3 2008 117.5 2009 ...
Two major price volatility crises in the early 21st century, during the 2007–2008 world food price crisis and 2022 food crises, have had major negative effects on grain prices globally. Climate change is expected to create major agricultural failures , that will continue to create volatile food price markets especially for bulk goods like grains.
A report by the U.N. Office for the Coordination of Humanitarian Affairs released on Tuesday said the World Food Programme would be sending 50,000 tonnes of wheat flour to Beirut to stabilize ...
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.
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